First time buyers saving towards a deposit on a home can gain valuable tax benefits by funding a Lifetime ISA. Any individual aged between 18 and 39 can contribute up to £4,000 per year to a Lifetime ISA. The government will also top up your savings by 25% each year.
Main residences are exempt from Capital Gains Tax when disposed of.
You will also benefit from the additional main residence nil rate inheritance tax band (£175,000 for 2023/24 tax year) if you own your home and it is passed down to direct lineal descendants on your death.