HM Revenue and Customs say that they will allow the new FTB stamp duty regime to be ‘self policing’.
They will rely on people confirming on the standard SDLT1 form via their conveyancer that they are indeed a first time buyer when submitted to them. It contains the name of each property buyer in the UK and asks for a national insurance number which, in reality, is often omitted. HMRC say that they may cross reference current buyers with past.
I suspect that the impracticalities of scrutiny and its cost born of such an ill thought policy in the first place, will see much abuse.
Self policing eh? A bit like most neighbourhoods these days then…