First-time buyers are exempt from SDLT for property purchases up to what value?

The correct value for exemption from Stamp Duty Land Tax (SDLT) for first-time buyers is £300,000. This exemption is designed to assist new home buyers in entering the property market. When first-time buyers purchase a property, if the price is below or equal to £300,000, they are not required to pay any SDLT at all.

This relief was introduced to foster home ownership among younger generations and to alleviate some of the financial burdens associated with purchasing a home for the first time. If the purchase price exceeds £300,000 but is still below £500,000, first-time buyers can benefit from a tapered relief on the tax owed for the amount exceeding £300,000.

All values stated in the other options either exceed the threshold for exemption or fall below what is currently active, which clarifies their inapplicability in this context.