Young people who buy an IMT-exempt home will have to keep it as their permanent home for six years to avoid losing benefits unless they sell it, change households or change jobs.
These three situations, which allow the benefit to continue if it is given a destination other than the one that justified the BMI tax exemption before the end of the six-year period after the purchase of the house, are set out in the bill that the government has sent to Parliament.
This is about providing an exemption from BMI (as well as from stamp duty) to young people under 35 years of age on the first purchase of a property intended solely for their own and permanent home, who do not own any residential property “on the date of transfer or at any time during the previous three years” and who are not considered dependents for IRS purposes.