Reliefs: First Time Buyers - The purchaser
- Must be a person who intends to occupy the property as his or her only or main residence. This condition excludes purchases by corporate bodies, partnerships or trustees, except where a trustee is also a beneficiary of the trust who intends so to occupy the property.
- There is no requirement to occupy the property immediately, and relief will not be denied if the property is let pending occupation, but there must be a clear intention to occupy.
- The purchaser must not, either alone or with others, have previously acquired a legal or beneficial interest in freehold or leasehold land which is, or includes, residential property, or an equivalent interest in land situated anywhere in the world.
- This includes previous acquisitions by inheritance or gift, or by a financial institution on behalf of a person under an alternative finance scheme referred to in FA03/S71A-73.
- However, relief is not denied by virtue of a previous acquisition as a trustee unless the purchaser was also a beneficiary of the trust.
- This restriction does not apply where the interest acquired was the grant or assignment of a lease with less than 21 years to run.
- If the property is purchased jointly, all the purchasers must meet these conditions.