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Since the 25th March 2010, first-time buyers of residential property have been able to apply for Stamp Duty Land Tax (SDLT) relief if all of the following apply:

· the purchase price payable or consideration given is less than £250,000;

· the buyer intends to live in the property and it will be their only or main home; all buyers must not, either alone or with others, have previously acquired an interest in any residential property or land situated in the UK or anywhere in the world. This includes acquisitions by a financial institution on your behalf under an alternative finance scheme, but excludes the assignment of a Lease with less than 21 years to run.

· non-residential or mixed (residential and commercial) use property.

· leasehold property with a lease of less than 21 years.

· SDLT payable on rent for leasehold properties (relief applies only to the premium).

· properties that are treated as linked transactions for SDLT purpose - unless it's to do with the same property, eg a separate lease on a garage.

· shared ownership schemes where the payment is made in stages (also known as staircasing)

However this relief is due to end on the 24th March 2012 and any purchase or transaction must be completed on or before this date.