How has devolution affected what property 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 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. Thus providing a welcome boost for many aspiring homeowners in London where the average residential property sold for £556,146 in 2017.
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. However, existing homeowners still have to pay property taxes – most notably in the form of stamp duty and capital gains tax (CGT). Devolution also means that where you live in the UK also affects the property tax you pay.
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