First Time Buyer'S

[Lazy Sod]

Just reading about the government's new policy for first time buyers. If the home value is 5M or less you can deduct 10% from taxable income for 5 years.

If my understanding is correct, for those of us paying 30% tax this could mean a tax saving of around 750,000 based on buying a 5M home (10% of 5M = 500,000 x 30% tax = 150,000 tax per year x 5 years = 750,000 tax saving over 5 years.

I wonder, if a foreigner already "owns" a house through the company route then I guess it is not legally his "first" home, meaning he could buy a condo as a "first time buyer" and get these tax deductions. Any thoughts?