It is proposed that the rate at which relief is granted to first-time buyers be amended as follows. For the first two years of assessment for which there is an entitlement to relief it will be at a rate of 25%, which is increased from 20%. For the third, fourth and fifth years of assessment for which there is an entitlement to relief it will be at a rate of 22.5%, which is increased from 20%. For the sixth and seventh years of assessment for which there is an entitlement to relief it will be equal to the standard rate of tax, that is, it remains unchanged at20%. With regard to all other buyers, it is proposed that the rate at relief granted be reduced to 15% from 20%. It is proposed that the changes will take effect from 1 January 2009.

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