1222. Relief from stamp duty land tax provided for first-time buyers.

Relief from stamp duty land tax is provided for first-time buyers1.

Relief may be claimed for a chargeable transaction if the following conditions are met2:

  1.  

    (1)     the main subject-matter of the transaction consists of a major interest in a single dwelling ('the purchased dwelling')3;

  2.  

    (2)     the relevant consideration for the transaction (other than any consisting of rent) is not more than £500,0004;

  3.  

    (3)     the purchaser, or (if more than one) each of the purchasers, is a first-time buyer who intends to occupy the dwelling as the purchaser's only or main residence