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Deadline for Stamp Duty Relief expires 24 March 2012!

Wed 18 Jan 2012

First Time Buyers
First Time Buyers
 

The statutory relief for first-time buyers of residential property in relation to SDLT is drawing to a close. It ends on 24 March 2012.

It applies at the moment if all of the following apply:

·       the effective date is on or after 25 March 2010 and before 25 March 2012

·       the consideration given is £250,000 or less

·       the buyer intends to live in the property and it will be their only or main home

·       they have not previously owned property or land either in the UK or anywhere else in the world - including property bought with anyone else

This means that from 25 March 2010 to 24 March 2012 inclusive the threshold for qualifying first-time buyers of residential property is £250,000.

When first-time buyer's relief does not apply:

The relief is not available for any of the following:

·       non-residential or mixed use property

·       leasehold property with a lease of less than 21 years

·       SDLT payable on rent for leasehold properties (relief applies only to the premium)

·       properties that are treated as linked transactions for SDLT purpose - unless it's to do with the same property, eg a separate lease on a garage

·       shared ownership schemes where the payment is made in stages (but the relief can be claimed if a market value election is made)

·       one of the buyers is a first-time buyer but someone buying the property with them has owned residential property before

Claire Prince

Partner

cprince@jpclaw.co.uk

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