The Chancellor Philip Hammond has today announced his Budget to Parliament. A key announcement was that from TODAY 22nd November 2017 Stamp Duty will be abolished for first-time buyers for homes worth up to £300,000.
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, in London and other property hotspots, 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.