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Stamp duty relief saves first-time buyers £570m: HMRC

First-time buyers have saved a total of £570m on stamp duty tax for property purchase since the relief was introduced in April last year, new government figures estimate.

HMRC says that 241,300 claims have been made by FTBs since the relief was brought in, with 60,700 made in the final quarter of 2018.

The estimated total amount of FTB relief was £144m in the quarter, a 1 per cent increase on Q3 2018

Overall, stamp duty land tax received by the government was 3 per cent higher in the last quarter of 2018 on a quarterly basis with £3,291m paid.

However, the total equated to 5 per cent less than Q4 2017.

While residential transactions increased by 2 per cent to 286,000 in the quarter to Q4 2018, the government report found that SDLT receipts were broadly the same as the previous quarter, falling 0.3 per cent to £2,339m.

Since Q1 2018, just two-thirds of residential transactions have been liable for SDLT the lowest level since Q1 2014, reflecting the first-time buyer relief.

The statistics show that 43 per cent of liable residential transactions were valued at under £250,000, an increase of 4 per cent on the previous quarter.

Transactions valued at between £250,000 and £500,000 were flat, while those over £500,000 fell by 6 per cent to 29,000 in the quarter.

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