The Chancellor today announced changes to Stamp Duty Land Tax for first time buyers and additional powers to local authorities when charging council tax on empty properties in England & Wales.

Stamp Duty Land Tax

Stamp Duty Land Tax (SDLT) has been abolished for first-time buyers purchasing properties costing up to £300,000. For the first-time buyers in the more expensive areas for housing such as London, buyers will not be liable for SDLT on the first £300,000 for houses costing up to £500,000.

For example, the SDLT saving on a house costing £300,000 is £5,000.

Council Tax on empty properties

It has also been announced that local authorities will be able to charge a 100% premium on council tax on empty properties to dissuade property owners from allowing homes to sit empty. 

This is likely to affect anyone with a second home which is used primarily as a holiday home.

For help and advice on all legal aspects of property work in England & Wales contact Laura Sinclair or Matthew Hastings, or your usual Turcan Connell contact.

To read the full overview of the UK's 2017 Autumn Budget, please click here.