ATT comments on Finance (No. 2) Bill: relief for first-time buyers

Released 10 January 2018

The Association of Taxation Technicians (ATT) has submitted comments on Finance (No. 2) Bill 2017-19: Clause 41 – Relief for first-time buyers. The ATT has concerns on the practicalities of determining whether an individual is a first time buyer according to the definition which requires knowledge of whether or not an individual has acquired an equivalent interest in property outside of England, Wales or Northern Ireland at any previous time. Firstly, how will HMRC be able to effectively police this part of the measure? Secondly, how HMRC will be interpreting what constitutes an equivalent interest to a UK dwelling? The ATT considers guidance in this area would be helpful.

View the submission at Finance (No.2) Bill Clause 41 - Relief for First-Time Buyers - ATT comments.

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