Tax On Residential Property
4th September 2018
How has devolution affected what tax you pay? First-time buyers in England, Northern Ireland – and for a short time in Wales – were the biggest winners in the most recent shake-up to affect property taxes in Autumn Budget 2017.
Philip Hammond’s headline measure was to abolish stamp duty for first-time buyers on homes worth up to £300,000 and the chancellor didn’t stop there. He also introduced a reduced rate of 5% on the portion worth from £300,000 to £500,000, providing a welcome boost for many aspiring homeowners in London where the average residential property sold for £556,146 in 2017.
But while the chancellor received plaudits for a move that helped 121,500 people take their first steps on the property ladder up until 30 June 2018, existing homeowners still have to pay property taxes:
– most notably in the form of stamp duty and capital gains tax (CGT)
– while devolution means that where you live in the UK also affects the property tax you pay.
To read our full report on the changes to Stamp Duty, please click here.