Further details have been released on the new relief Stamp Duty. For first-time buyers within England, Wales and Northern Ireland will no longer be liable for stamp duty land tax (SDLT) for up to £300,000.
Those claiming the relief will pay not SDLT on the first £300,000 of the consideration and 5% on any remainder. No relief will be available for first-time-buyers paying more than £500,000.
The new relief will apply to transactions with an effective date on or after 22 November 2017. However, from 1 April 2018 Wales will assume responsibility for setting its own land transaction tax rates.