[F11(1)Relief may be claimed for a chargeable transaction if the following conditions are met (but this is subject to sub-paragraph (7)).U.K.
(2)The first condition is that the main subject-matter of the transaction consists of a major interest in a single dwelling (“the purchased dwelling”).
(3)The second condition is that the relevant consideration for the transaction (other than any consisting of rent) is not more than £500,000.
(4)The third condition is that the purchaser, or (if more than one) each of the purchasers, is a first-time buyer who intends to occupy the purchased dwelling as the purchaser's only or main residence.
(5)The fourth condition is that—
(a)the transaction is not linked to another land transaction, or
(b)the transaction is linked only to land transactions that are within sub-paragraph (6).
(6)A land transaction is within this sub-paragraph if the main subject-matter of the transaction consists of—
(a)an interest in land that is or forms part of the garden or grounds of the purchased dwelling, or
(b)an interest in or right over land that subsists for the benefit of—
(i)the purchased dwelling, or
(ii)land that is or forms part of the garden or grounds of the purchased dwelling.
(7)Relief may not be claimed under this paragraph for a chargeable transaction if it is a higher rates transaction for the purposes of paragraph 1 of Schedule 4ZA.]
Textual Amendments
F1Sch. 6ZA inserted (with effect in accordance with s. 41(8) of the amending Act) by Finance Act 2018 (c. 3), s. 41(3)