Stamp duty scrapped for first time buyers on property up to £300,000

Stamp duty will be scrapped immediately for first-time buyers of homes below £300,000, as the Chancellor put Britain’s housing crisis at the heart of his Budget.

Philip Hammond said the move would cut the tax for 95 per cent of first-time buyers – and abolish it altogether for 80 per cent of them.

“When we say we would revive the home owning dream in Britain, we meant it,” he told the Commons, to Tory cheers.

Mr Hammond added that, stamp duty would be axed on the first £300,000 of a purchase price up to £500,000 – a cut of up to £5,000.

The move came as he promised a wide-ranging package to boost housebuilding, setting a target of an annual 300,000 homes built by the middle of the next decade.

The move came as he promised a wide-ranging package to boost housebuilding, setting a target of an annual 300,000 homes built by the middle of the next decade.

Higher capital funding, loans and guarantees, plus measures to boost the supply of skills, resources and land, would add up to £44bn, he said.

Via: http://www.independent.co.uk/news/uk/politics/stamp-duty-cut-latest-budget-saving-twice-more-save-buyers-resolution-foundation-philip-hammond-a8072601.html

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