Q&As

A Will trust held a residential property on terms which give a beneficiary (B) the absolute entitlement to the property on attaining the age of 21, but the property was sold before B reached 21 so B only received cash on reaching that age. Is B eligible for first-time buyers' relief for stamp duty land tax (SDLT) purposes?

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Published by a LexisNexis Private Client expert
Published on: 24 August 2021
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This Q&A assumed that section 31 of the Trustee Act 1925 was excluded or amended in the trust instrument (the Will) so that B did not have an Interest in possession prior to reaching age 21.

First time buyers’ relief

Section 57B and Sch 6ZA to the Finance Act 2003 (FA 2003) contain the eligibility criteria for first time buyers’ relief. Where the relief applies, the rates of Stamp Duty Land Tax (SDLT) are:

  1. •

    0% on the first £300,000, and

  2. •

    5% on the amount above £300,000

The conditions for the relief are:

  1. •

    there must be a purchase of a major interest (ie excluding leases with less than 21 years to run) in a single dwelling

  2. •

    the purchase price must

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Beneficiary definition
What does Beneficiary mean?

A person who has a interest'>beneficial interest in property under a trust.

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