Stamp Duty Changes
In the Chancellor’s budget report, the threshold, where the purchaser is a first time buyer, has been raised from £125,000 to £250,000.
The new relief will be available from 25th March 2010 and before 25th March 2012.
Q1. What is a first time buyer?
A1. A person who has not acquired a freehold or leasehold residential property.
Q2. I want to buy a house with my partner but one of us has previously owned a residential property. Can I claim relief?
A2. No. All of the buyers, when there are more than one, must be a first time buyer.
Q3. I previously bought a house jointly with my spouse/partner. The partnership broke up, can I be treated as a first time buyer?
A3. No. Where the person has previously bought a residential property as a joint owner, they are not a first time buyer.
James Scollard at CLIFFTONS in Bournemouth comments “It’s good news helping first time buyers into the property market. This will inevitably help the rest of the property market to move and become more fluid. Although, I still do not understand why Stamp duty goes from 1% to 3% and why there is no 2%.’
Posted: 26th March 2010