Budget 2010 – First time buyers
One of the more politically charged announcements in the Budget was the introduction of a new relief for first time home buyers which will exempt them from Stamp Duty on a property purchase up to £250,000.
This change is effective for transactions taking place on or after 25 March 2010 and before 25 March 2012.
To qualify, all of the following conditions will need to be met:
- The individual or individuals jointly purchase a major interest in land which is wholly residential,and
- The consideration is more than £125,000 but not more than £250,000 and
- The individual(s) intends to occupy the property as his/her or their only or main residence and has or have not previously purchased such an interest or its equivalent anywhere in the world.
It seems likely that further guidance will be required to clarify the many practical questions that are not addressed in the Budget Note.