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:

• the effective date is on or after 25 March 2010 and before 25 March 2012
• the consideration given is £250,000 or less
• the buyer intends to live in the property and it will be their only or main home
• 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 at http://www.hmrc.gov.uk/sdlt/calculate/reliefs-exemptions.htm#15