Budget 2010 - Stamp duty land tax change
During his Budget speech the Chancellor referred to an exemption of £250,000 for first time buyers. Having had a chance to review the press releases from HMRC we can provide a little more detail.
We had wondered how 'first time buyer' would be defined but it appears that the relief – which is only applicable for completions between 25 March 2010 and 25 March 2012 – will be given where 'the purchaser or all the purchasers' have not previously acquired a residential property. This is a somewhat unusual wording and it will be interesting to see if it is replicated in the actual legislation. Bearing in mind the effective date there will be some frantic reviews of contracts in solicitors offices across the country to determine the rate of SDLT payable.
Date: 24th March, 2010
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