From 22 November 2017, first-buyers paying £300,000 or less for a residential property will pay no Stamp Duty Land Tax (SDLT).
First-time buyers paying between £300,000 and £500,000 will pay SDLT at 5% on the amount of the purchase price in excess of £300,000.
A first-time buyer is defined as an individual or individuals who have never owned an interest in a residential property in the UK or anywhere else in the world, and who intend to occupy the property as their main residence.
First-time buyers purchasing property for more than £500,000 will not be entitled to any relief and will pay SDLT at the normal rates.
This measure does not apply in Scotland. It will apply in Wales until 1 April 2018, when SDLT will be devolved to Wales.