Reliefs: First Time Buyers - General overview: FA03/S57AA/S73CA
This relief applies to purchases of residential property where the consideration is more than £125,000 and not more than £250,000 and the purchaser (or each of them) is a first-time buyer.
The relief applies:
- where the effective date of the transaction is on or after 25th March 2010 and before 25th March 2012, and
the chargeable consideration
- for a freehold interest or the assignment of a lease or
- other than rent (i.e. a premium), for the grant of a lease
is more than £125,000 and not more than £250,000.
The relief does not apply to any tax which may be payable under FA03/S56/SCH5 on the net present value of rent.
The relief is claimed by entering code 32 in the appropriate field of the land transaction return.
Further detail of the conditions applying to the land is at SDLTM29820
Further detail of the conditions to which the purchaser(s) must meet is atSDLTM29830
Further detail on the circumstances in which the relief can be claimed in conjunction with another relief is at SDLTM29840
Circumstances where we consider that the relief can be claimed are at SDLTM29850
Circumstances where we consider that the relief can not be properly claimed are at SDLTM29860