Budget boost for first-time buyers
Thursday 25th March 2010
The Chancellor of the Exchequer has given a timely boost to the housing market and to first-time buyers in particular in his budget statement yesterday.
Legislation will be introduced in Finance Bill 2010 to provide a Stamp Duty Land Tax relief where:
- an individual or individuals jointly purchase a major interest in land which is wholly residential
- the consideration is more than £125,000 but not more than £250,000
- that individual (or all of them) intends to occupy the property as his/her or their only or main residence
- an individual or individuals has or have not previously purchased such an interest or its equivalent anywhere in the world
- the effective date of the transaction is on or after 25 March 2010 and before 25 March 2012.
More information, including questions and answers are in the following web links:
- Budget Note: Stamp Duty Land Tax – First Time Buyers
- Technical note: Stamp Duty Land Tax (SDLT) First Time Buyers
