Clause 10
Finance Bill
1:15 pm
Peter Atkinson (Hexham, Conservative)
With this it will be convenient to discuss new clause 3—Thresholds for residential property—
‘(1) A land transaction is exempt from the charge to stamp duty land tax if—
(a) it is a relevant acquisition of land which consists entirely of residential property,
(b) the relevant chargeable consideration for the transaction is not more than £250,000, and
(c) the purchaser is a first time purchaser.
(2) In paragraph (1)(a) a “relevant acquisition of land” means an acquisition of a major interest in land other than—
(a) the grant of a lease for a term of less than 21 years, or
(b) the assignment of a lease which has less than 21 years to run.
(3) In paragraph (1)(b) the “relevant chargeable consideration for the transaction” means—
(a) the chargeable consideration for the transaction, or
(b) where the transaction is one of a number of linked transactions, the total of the chargeable consideration for all those transactions.
(4) The Treasury shall by regulation define the meaning of “first time purchaser.”’.