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News Story

NEWS FLASH: Stamp Duty threshold to rise for first-time buyers

Wednesday 24th March 2010

As expected, Alistair Darling has raised the Stamp Duty threshold for first-time buyers to £250,000. The change will kick in at midnight tonight and will last for this year and next.

The Chancellor said that it would mean that nine in ten first-time buyers would not have to pay the tax.

The lifting of the threshold will be financed by a raising of the rate payable on properties over £1m, to 5%.

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Posted By revenue insider on Thursday 25th March 2010 20:07:06

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For the record first time buyer means first time buyer. If any of the parties buying has bought or acquired a major interest in a property anywhere in the world even if it was 30 years ago they do not have the benefit of the relief. This will be policed by the NI number and other records.
For the avoidance of doubt a lease say in london acquired with less than 21 years remaining would not qualify as a major interst even if £5 million had been pai for it and converseley a run down free hold house in oldham bought for £15000 with a sharia mortgage would. For the record I have spoke to 5 first time buyers today who are delighted with this as their movings costs will be a lot lower

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Posted By Agent Orange on Thursday 25th March 2010 15:48:21

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Dolly - I'm flattered that you noticed. I wasn't aware of having seen you post anything, and your user name is totally new to me.

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Posted By dolly on Thursday 25th March 2010 13:05:54

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Agent Orange - you never fail to bore me with your posts.

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Posted By Agent Orange on Thursday 25th March 2010 11:30:39

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Rather than posting here wondering about definition of FTB, why can't folks just wait for the guidance to pop up on the HMRC site (as it has done by now....)

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Posted By Top-Neg on Thursday 25th March 2010 10:28:00

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I read that a FTB qualifies if yu have not had a mortgage in the last 6 months. The mortgage companies will run credit checks and then they will see if you have ever had a property before anyway ?

I think its a good idea but 3% should have been moved up too....

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Posted By ? on Thursday 25th March 2010 09:39:35

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Yes but we do not have access to Gordons Browns records so unless he is personally going to vet every buyer that tells estate agents they are a first time buyer, you have not really answered anything.

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Posted By Lebran on Thursday 25th March 2010 08:54:31

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It honestly amazes me that the inteligent men and women who are interested in this business enough to comment on EAT's stories are so misguided as to think that the government doesn't have some sort of record of who has and has not owned a house?! Gordon Brown can probably tell me the last time I sneezed, never mind the last time I bought a house. You all need a little George Orwell in your lives.

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Posted By TREVOR KENT PPNAEA on Wednesday 24th March 2010 18:15:03

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Sorry to hog the column, but this explanation from the Budget papers might help us to understand what a "First Time Buyer" might be for Stamp Duty purposes, I quote -

HMRC guidance note says that to qualify, the purchaser "must not...have previously acquired a major interest in ...residential property....anywhere in the world". It is not clear how this will be verified.

Cheers, Big T

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Posted By Trevor Kent PPNAEA on Wednesday 24th March 2010 17:40:46

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This was the comment I put out before the announcement!

STAMP DUTY - MEASLY CARROT WHEN FIVE-A-DAY REQUIRED -TREVOR KENT

"As cynical as it gets" says former National Association of Estate Agents President Trevor Kent, as news of the possible removal of Stamp Duty Property Tax on sales up to £250,000 emerged in today's budget.

"To dangle such a carrot in front of aspiring home owners just weeks before the election must be seen for what it is - electioneering smoke and mirrors. It is also a sop to the strong national builders lobby as the majority of the sales thus encouraged with be on rotting empty over-developed city centre offerings they are desperate to shift. If only First Time Buyers are to be helped what of the retirees down-sizing, the owners facing repossession and looking for less expensive homes - they will still be paying the punitive tax of up to £2500 to buy".

Trevor Kent also points out that if the majority of sales that will be helped are, as he forecasts, empty new-build flats, traditional chains of sales will not be helped and thus the relaxation will have a miniscule effect on the real property market.

"This carrot should be seen for what it is, a shrivelled tempter dangled in front of a housing market that needs a full "five-a-day" to regain its health, the Tory Party plans offer a balanced diet - this Labour nonsense is pure poison" concludes Trevor Kent

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Posted By eh? on Wednesday 24th March 2010 14:44:03

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So what about the people that have only bought a house under £125k/£175k. Bad guess I think!

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Posted By wardy on Wednesday 24th March 2010 14:22:46

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i assume that if you have not paid stamp duty before (which they do have a record of) then you are a 'first time buyer'
its a guess though

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Posted By Anna Key on Wednesday 24th March 2010 13:51:44

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How will we know who is a first time buyer?

I bought a house in the 80s, divorced & sold, then because of moving around with work I have only rented since. Who would know this?

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Posted By Question on Wednesday 24th March 2010 13:45:01

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This may seem a silly question but who determines and confirms who a first time buyer is. For instance, if someone doesn't have a chain/nothing to sell, how do we know whether they are a frist time buyer. They could have sold and moved back in with parents etc.

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