November 22, 2017 / 1:49 PM / a year ago

Britain to cut stamp duty property tax for first-time buyers

LONDON, Nov 22 (Reuters) - Britain will cut the stamp duty property tax for new buyers, in a bid to help younger people struggling to get onto the property ladder, finance minister Philip Hammond said on Wednesday.

“With effect from today, for all first-time buyer purchases up to 300,000 pounds, I am abolishing stamp duty altogether,” Hammond said during his annual budget statement.

“To ensure that this relief also helps first-time buyers in very high-price areas like London, it will also be available on the first 300,000 pounds of the purchase price of properties up to 500,000 pounds.” (Reporting by Costas Pitas; editing by Stephen Addison)

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