stamp duty for first time buyers
Following the announcement in the Budget, I have had several clients asking whether they qualify for the new relief from Stamp Duty Land Tax (SDLT) for first time buyers. When is the relief available and what is the definition of ‘first time buyer'?
The new relief for SDLT is for purchases of residential property up to a purchase price of £250,000, where the purchaser or all the purchasers are first time buyers and they intend to occupy the property as their only or main residence.
The new relief is available for a period of two years for completions which take place on or after 25 March 2010 . A ‘first time buyer' is a person who has not acquired a freehold or leasehold interest in residential property in the U K (except a lease with less than 21 years to run) or an equivalent interest anywhere in the world.
For more information go to the HM Revenue & Customs website.