First Time Buyers and Stamp Duty Land Tax

Thu 25th March 2010
The 2010 Budget statement made by the Chancellor on 24th March 2010 outlined a new relief from Stamp Duty Land Tax (“Stamp Duty”).

In essence, to qualify a buyer must:
  • be an individual or group of individuals;
  • complete their purchase before 25th March 2012;
  • pay no more than £250,000 for the property;
  • purchase a “major interest” (which means either freehold property or a leasehold property that has an unexpired leasehold interest of at least 21 years);
  • purchase a property that is wholly residential;
  • intend to occupy the property as their only or main residence; and
  • never previously have acquired a major interest (as described above) in residential property anywhere in the world.

To claim the relief a buyer must be able to satisfy all the listed requirements.
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