Articles

Eligibility Criteria For Claiming Relief

by Vidit Agarwal Marketing Director

First Time Buyer

The relief is available for only those buyers who are buying for the first time in the regions where the SDLT is applicable. A first time buyer by definition is a person who either alone or in collaboration with other has not purchased any property of major interest anywhere around the world. It also includes acquisition of land by inheritance or as a gift.

Single Purchase

The relief is available to the purchase of a single dwelling only. Premises or property purchased consisting of more than one dwelling will not be eligible for the relief. There are several intricacies involving around the definition of “dwelling” which can be figured out in HMRC’s website.

Stamp Duty Land Tax (SDLT) Rates

The relevant consideration should not be more than £500,000 where for the first £300,000 the tax would be at 0% and for the amount exceeding £300,000 it will be charged at 5% on the excess amount till £500,000.

Intent Of Buying

The relief is only available when the purchase being made is for residential purposes. In case of commercial purchase, the relief would not be applicable.



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About Vidit Agarwal Committed   Marketing Director

363 connections, 14 recommendations, 1,640 honor points.
Joined APSense since, August 31st, 2017, From Harrow, United Kingdom.

Created on Jun 22nd 2018 09:10. Viewed 418 times.

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