FA 2010 contains five sections dealing with stamp taxes. Sections 6 and 7 deal with SDLT ss 54 and 55 with SDRT on introduction of securities into clearance systems etc and SDLT on partnerships whilst s 65 deals with stamp taxes affecting clearing house.
Sections 6 and 7 deal with SDLT on the acquisition of residential property. Section 6 introduces an exemption for first time buyers on the acquisition of a major interest in land where the relevant consideration is between £125k and £250k. The acquisition must be by a first time buyer (but must be someone who has not previously ever purchased a major interest in land) grants or assignments of leases for less than 21 years are disregarded and the buyer has to intend to occupy the property as his only or main residence. The legislation...
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FA 2010 contains five sections dealing with stamp taxes. Sections 6 and 7 deal with SDLT ss 54 and 55 with SDRT on introduction of securities into clearance systems etc and SDLT on partnerships whilst s 65 deals with stamp taxes affecting clearing house.
Sections 6 and 7 deal with SDLT on the acquisition of residential property. Section 6 introduces an exemption for first time buyers on the acquisition of a major interest in land where the relevant consideration is between £125k and £250k. The acquisition must be by a first time buyer (but must be someone who has not previously ever purchased a major interest in land) grants or assignments of leases for less than 21 years are disregarded and the buyer has to intend to occupy the property as his only or main residence. The legislation...
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