Posted on December 07, 2017
One of the eye-catching headlines from the Chancellor’s Budget in November was the introduction of SDLT relief for first time buyers for purchases of residential properties where the price does not exceed £500,000.
There are a number of conditions set out in guidance notes issued by HMRC, but the main conditions are that:
This means that each buyer must not have previously owned either alone or jointly a residential property in the UK or anywhere else in the world. This includes any properties acquired by inheritance or gift, but it does not include acquisition as a trustee unless the buyer was also a beneficiary of the trust.
Provided all the conditions set out in the guidance notes are satisfied, the rates of SDLT applicable are:
If the purchase price is over £500,000, no relief is available and SDLT at the relevant rate is payable.