First Time Buyers - changes to Stamp Duty Thresholds

26 March, 2010

In his budget on the 24th March 2010, the Chancellor introduced a new relief on stamp duty for first time buyers.

Previously the starting threshold was £125,0000 , but this has been raised for first time buyers only to £250,000.

The increase applies on purchases completed on or after the 25th March 2010.

However there are criteria to be met to qualify as a "first time buyer":

the property must be purely residential
it must be your main or only home
you must not, either on your own , or with others, have acquired a major interest in land either in the United Kingdom or abroad
if you are buying with others, all of you must be "first time buyers" for the purchase to qualify for the relief