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
For assistance in buying a home please contact our Conveyancing Solicitors on freephone 0800 689 1358 or by email today.