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2 Vicars Lane, Chester CH1 1QX



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Bank Buildings, Llanrwst, Conwy, LL26 0LS



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Stamp Duty Relief for First Time Buyers

Yesterday brought the surprise announcement in the Budget that there will be a relief from Stamp Duty Land Tax for first time buyers. There are a number of criteria which must be satisfied for buyers to qualify for the relief. These are as follows:-
  • There is a purchase of a single residential property;

  • The purchase price is not more than £500,000;

  • It must be an individual, or individuals buying the property (i.e. it cannot be a company);

  • The purchaser or, if there is more than one, each of them, is a first time buyer, who intends to occupy the dwelling as their only or main residence. There are two elements for this which must be satisfied:-
    • The buyer must be a “first time buyer”. To count as a first time buyer, the buyer must not have previously owned a residential property anywhere in the world. The definition is wide and includes previous ownership by virtue of inheritance or being a beneficiary under a trust which owns a residential property. Relief is not denied if the buyer previously owned a commercial or mixed use property.
    • The buyer must be intended to occupy the property as their only or main residence. This is a question of fact and generally if a buyer is moving into the property this will be satisfied. This will however usually prohibit a property being bought to rent.
  • The completion date for the purchase is after 22nd November 2017.

  • The purchase is not linked to any other land transactions, except for –
    • Land that is, or forms part of the gardens or grounds of the house, or
    • Land that subsists for the benefit of either the house or its garden and grounds.
The process works as a relief from the tax and must be claimed by the buyer on the Stamp Duty Land Tax return. It is therefore critical that the Stamp Duty Land Tax return is completed correctly.

Should you wish to discuss any matters relating to this article please contact Ben Whiting Trainee Solicitor on 01978 291000 or by email [email protected]

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The professional rules relating to solicitors' firms, including the Code of Conduct can be accessed on the website of the Solicitors Regulation Authority at www.sra.org.uk

Allington Hughes Law is a trading name of Allington Hughes Limited. Registered office is 10 Grosvenor Road, Wrexham LL11 1SD

Registered in England and Wales. Company registration number 07831162.

Authorised and regulated by the Solicitors Regulation Authority number 597867

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