The five key changes in 2010 affecting stamp taxes are as follows:
1. Relief for first-time buyers
This so-called ‘holiday’ removes SDLT from purchases by first-time buyers for not more than £250 000 between 25 March 2010 and 25 March 2010. The relief was enacted by FA 2010 s 6 as new FA 2003 s 57AA. The main points of the relief were set out in BN25 and this was accompanied by a helpful Q&A Briefing and Technical Note but a few of the points to watch here are:
the relief is claimed using code 28 (‘Other’) in box 9 of the SDLT1 return;
the land must be wholly residential;
leases granted for less than 21 years or lease assignments with less than 21 years...
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The five key changes in 2010 affecting stamp taxes are as follows:
1. Relief for first-time buyers
This so-called ‘holiday’ removes SDLT from purchases by first-time buyers for not more than £250 000 between 25 March 2010 and 25 March 2010. The relief was enacted by FA 2010 s 6 as new FA 2003 s 57AA. The main points of the relief were set out in BN25 and this was accompanied by a helpful Q&A Briefing and Technical Note but a few of the points to watch here are:
the relief is claimed using code 28 (‘Other’) in box 9 of the SDLT1 return;
the land must be wholly residential;
leases granted for less than 21 years or lease assignments with less than 21 years...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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