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.