Budget 2017: Martin Lewis Explains The New Stamp Duty Rules
22 November 2017, 14:10
Money Saving Expert Martin Lewis told LBC listeners exactly how they can take advantage of the new rules on stamp duty.
Chancellor Philip Hammond announced that he would remove stamp duty for first-time buyers to enable young people to get on the housing ladder.
Martin told LBC: "The wiping of stamp duty for anyone buying a property under £300,000, that was the rabbit that was pulled out of the Chancellor's hat at the end.
"If you're buying a property between £300k and £500k, you won't pay stamp duty on the first £300k.
"So it's a saving of £5,000 for anyone buying between £300k and £500k. And a smaller saving if you are buying a property between £125k and £300k.
"It's for first-time buyers - and both parties purchasing have to be first-time buyers, so if a first-time buyer is buying with a former home-owner, they will still have to pay stamp duty.
"It starts today. So if you completed at 11am this morning, you will not pay stamp duty.
"If you completed at 11:59 last night, you will pay stamp duty.
"You pay stamp duty within 30 days of completion. If you have not completed, you're fine, you will not pay stamp duty."