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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Open Space Agreements

Mon 22nd March 2010
On some of the older estates in Milton Keynes you may encounter agreements entered into by the local authorities (Milton Keynes Development Corporation and Milton Keynes Council) with the original developer of the estate. These provide for open (recreational) spaces and their subsequent maintenance. They are expressed to be made pursuant to Section 6 of the Buckinghamshire County Council Act 1971. I have yet to find a copy of the text to this Act. Nevertheless the intention behind Section 6 is clear. A builder receiving an advantageous planning decision is required to give something back to the local authority. In this instance the provision of open spaces.
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