Stamp Duty Tax For First Time Buyers

Stamp Duty Tax Exempt for First-Time Buyers
First-time buyers of residential property can apply for SDLT relief if all of the following apply:

A) The effective date is on or after 25 March 2010 and before 25 March 2012

B) The price agreed of the purchase is £250,000 or less

C) The buyer intends to live in the property and it will be their only or main home

D) They have not previously owned property or land either in the UK or anywhere else in the world - including property bought with anyone else

We are not sure how HMRC intends to validate first time buyers from overseas, especially outside of the European Union, who intend to purchase a property in England & Wales.

This means that from 25 March 2010 to 24 March 2012 inclusive the threshold for qualifying first-time buyers of residential property is £250,000.

Financial institutions can claim the Stamp Duty and Land Tax relief for first-time buyers using alternative finance schemes.

When First-Time Buyer’s Exemption Does Not Apply

The exemption is not available for any of the following:

1) Non-residential or mixed use property

2) Leasehold property with a lease of less than 21 years

3) SDLT payable on rent for leasehold properties (relief applies only to the premium)

4) Properties that are treated as linked transactions for SDLT purpose - unless it's to do with the same property, eg a separate lease on a garage

5) Shared ownership schemes where the payment is made in stages (but the relief can be claimed if a market value election is made)

For more information, please contact Zach Kendal initially on 0870 063 8661 and you could save your Stamp Duty Tax costs up to 50% or more on your purchase today! Remember, we can still have our Tax Consultants help you Save your Stamp Duty costs EVEN if you have already exchanged - don't delay call 0870 063 8661 now.
Independent Stamp Duty Mitigation; Stamp Duty Exemption Planning Information. If you could potentially save £1000's by using Stamp Duty Land and Tax planning strategies, why would you NOT want to save your money? For information of users: This material is published for the information of clients. All stamp duty and land tax mitigation enquiries are referred to a network of selected tax professionals.

Stamp Duty tax & Disadvantaged Areas

Stamp Duty Exemption for Disadvantaged Areas

Stamp Duty Exemption in disadvantaged areas applies to residential property located in areas designated by the government as 'disadvantaged'. It also applies to the residential element of 'mixed use' (business and residential) property. 
The SDLT threshold in these cases is £150,000 as opposed to £125,000 for equivalent properties in other areas. During the period 3 September 2008 to 31 December 2009 inclusive Disadvantaged Areas Stamp Duty Exemption did not apply to purely residential properties in areas designated as disadvantaged because the SDLT threshold for these properties was temporarily increased to £175,000. However, it did apply to the residential element of mixed use properties.

Areas which qualify as disadvantaged

There are nearly disadvantaged 2,000 areas which can qualify for Stamp Duty Exemption in the UK. In England, Wales and Northern Ireland they're based on local government wards and electoral divisions. In Scotland they're based on 'postcode areas'.

To qualify for relief, a property (or the land on which it stands) must have been situated in a qualifying area at the 'relevant date'.

The relevant dates are:

• 7 May 1998 in England
• 1 April 1998 in Wales
• 21 April 1991 in Scotland and Northern Ireland.

A property will also qualify for relief if, at 27 November 2001, it had the same full postcode as a property which was situated in a qualifying area at the relevant date.

For more information, please contact Zach Kendal initially on 0870 063 8661 and you could save your Stamp Duty Tax costs up to 50% or more on your purchase today! Remember, we can still have our Tax Consultants help you Save your Stamp Duty costs EVEN if you have already exchanged - don't delay call 0870 063 8661 now.

Independent Stamp Duty Mitigation; Stamp Duty Exemption Planning Information. If you could potentially save £1000's by using Stamp Duty Land and Tax planning strategies, why would you NOT want to save your money? For information of users: This material is published for the information of clients. All stamp duty and land tax mitigation enquiries are referred to a network of selected tax professionals.