First Time Buyers - changes to Stamp Duty Thresholds

Article

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.

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