Q&As

Can a purchaser benefit from first-time buyer’s relief from stamp duty land tax (SLDT) if they previously purchased a trust property as trustee where they were also a discretionary beneficiary of the trust, albeit they had no right to occupy?

read titleRead full title
Published on LexisPSL on 02/07/2019

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • Can a purchaser benefit from first-time buyer’s relief from stamp duty land tax (SLDT) if they previously purchased a trust property as trustee where they were also a discretionary beneficiary of the trust, albeit they had no right to occupy?

Can a purchaser benefit from first-time buyer’s relief from stamp duty land tax (SLDT) if they previously purchased a trust property as trustee where they were also a discretionary beneficiary of the trust, albeit they had no right to occupy?

First-time buyers of residential property, who intend to occupy the property as their main home and where the purchase price is £500,000 or less, can benefit from first-time buyer’s relief from stamp duty land tax (SDLT) for certain transactions with an effective date on or after 22 November 2017.

In order for the relief to apply, the conditions that must be satisfied are as follows:

  1. there must be a purchase of a major interest in a single dwelling

  2. the purchase price must be not more than £500,000

  3. the purchaser (or all of them if more than one) must be a first-time buyer who intends (or who all intend) to occupy the property as their only or main residence

  4. the purchaser(s) must be an individual

  5. the transaction may not be linked with another land transaction, unless that other transaction consists of the garden or grounds of the dwelling or an interest, or right over, land which benefits the dwelling or garden/grounds

Popular documents