HMRC advise that from 14 June 2010, code 32 should be used on the Stamp Duty Land Tax return when claiming first-time buyers relief.
First-time buyers of residential property can apply for SDLT relief if all of the following apply:
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the effective date is on or after 25 March 2010 and before 25 March 2012
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the consideration given is £250,000 or less
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the buyer intends to live in the property and it will be their only or main home
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they have not previously owned property or land either in the UK or anywhere else in the world - including property bought with anyone else
This means that from 25 March 2010 to 24 March 2012 inclusive the threshold for qualifying first-time buyers of residential property is £250,000.
Financial institutions can claim the SDLT relief for first-time buyers using alternative finance schemes. For more details go to the HMRC website.