STAMP DUTY RELIEF FOR FIRST-TIME BUYERS

• First-time buyers will benefit from a permanent stamp duty land tax (stamp duty) relief worth £1,660 to someone buying the average first-time buyer property.
• All first-time purchases below £500,000 will benefit from the relief.
• This will come into effect on Budget day and provides immediate support for first-time buyers while the government's wider housing reforms take effect.

SOURCE AND DETAILS

https://www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers-autumn-budget-2017-brief

What have not been detailed in the government's document are that,

• For buyers who have just reserved a unit / exchanged contracts / completed the purchase, would they be eligible to this relief?
• If someone does not own any property in the UK, but in another country / other countries, will they be considered as the "First-Time Buyer" being referred to?
• For someone who has owned a property in the past, but not currently, would they be eligible?
• Is it absolutely necessary that the buyer has to purchase the property as their main residence for them to be entitled to this relief?
• Will evidence be required to prove the purpose of purchase?
• For properties costing above £500,000, stamp duty is paid at standard rates on "whole price". Does it mean the buyer of such properties is not able to take advantage of this new policy, even if they are first-time buyers?

At Sky, we have all the answers from the UK's legal sources. However, we appreciate each individual's background and circumstances are completely different. Should you require our advice, please CONTACT US directly or visit our office.