On 22 November the Chancellor of Exchequer, Philip Hammond
introduced to Parliament his Autumn Budget. This time, there are no
significant changes in the Private Client sector; although, yet
again there is a promise of putting the Inheritance Tax rules under
review.
Perhaps the most significant change is the headline-snatching
announcement of abolishing Stamp Duty Land Tax (SDLT) for
first-time buyers on purchases of properties for up to
£300,000 or on the first £300,000 of properties valued
up to £500,000. Any property priced above £500,000 will
not be able to benefit from the relief and the old rules will still
apply even if the property is purchased by a first time buyer.
For example, prior to the announcement, a first-time buyer of a
property worth £500,000 would pay SDLT of £15,000
– first £125,000 at 0%, £125,000-250,000 at 2%
(£2,500) and the remaining £250,000 at 5%
(£12,500). The new measure reduces this amount to
£10,000 – the first £300,000 at 0% and
