FIRST TIME BUYERS AND STAMP DUTY LAND TAX

There is an exemption from Stamp Duty Land Tax for first buyers on residential property purchased up to £250,000.00 and under i.e. quarter of a million and under, until and including 24th March 2012.

Who constitutes a first time buyer? You might ask and this is easily explained.

To qualify for this relief a first time buyer must:-

1. Purchase the property with the intention of occupying the property as their main residence;
2. They must not have acquired a freehold or leasehold interest in a residential property in the UK or anywhere else in the world (except for an interest in a lease with less than 21 years to run);
3. If they purchase the property with another they can only obtain the relief if the person they are purchasing with is also a first time buyer. If they are not then the relief cannot be claimed.

This is a general guide not a substitute for professional advice

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