In the Finance (No. 2) Act, 2000, I made significant changes to the stamp duty regime on transfers of second-hand residential property arising from the recommendations of the third Bacon report into the housing market. The Act introduced a three-tiered stamp duty structure for first-time buyers, owner-occupiers other than first-time buyers and investors. I increased the exemption from stamp duty from £60,000 to £150,000 in the case of first-time buyers and for other owner-occupiers to £100,000 and reduced the stamp duty rates on transfers of residential property at the lower end of the market for first-time buyers and other owner-occupiers in excess of these thresholds. In particular, the revised regime is structured to facilitate those who are trying to buy their first home and who are faced with particular difficulties in the market. Many first time owner-occupier buyers are now either exempt from stamp duty or pay at a reduced rate. However, owner-occupiers who are not first-time buyers also benefit generally from the revised stamp duty rates.