Stamp duty relief for FTBs
29 March 2010
Stamp Duty An First time buyers
On the 24th March in his budget the Chancellor introduce relief from stamp duty land tax (SDLT) for first time purchasers of property upto £250,00, who are buying their only and main home.First time buyers have been defined as those who have never owned a freehold or leasehold interest in a property here or abroad . Currently SDLT is 1% for residential purchases between £125,000 and £250,000 so this could be a considerable benefit for individuals. Although it is our opinion that because they first time buyers make up only a small part of the market.
Effectively the starting threshold for payment of SDLT for first time buyers has been raised to £250,000. This will apply to transactions with an effective date of 25th March 2010 and will last for two years.
The relief is normally claimed on a buyers behalf by their legal adviser as part on the normal legal work. All parties to the purchase must qualify as firstime buyers for the relief to apply but these buyers can be of any age. No retrospective relief is available.
Disclaimer
These particulars are intended only as general guidance. The Company therefore gives notice that none of the material issued or visual depictions of any kind made on behalf of the Company can be relied upon as accurately describing any of the Specified Matters prescribed by any Order made under the Property Misdescriptions Act 1991. Nor do they constitute a contract, part of a contract or a warranty.
