Stamp duty rebate for shared ownership home owners
Published: 29 November 2018
First-time buyers purchasing shared-ownership homes valued at up to £500,000 will receive Stamp Duty Land Tax relief with immediate effect, according to the Government’s recent budget announcement.
The Stamp duty relief will be extended to properties purchased on or after November 22, 2017, meaning homeowners can reclaim paid duty from this date onwards, if already paid.
Councillor Kim Caddy, Wandsworth’s cabinet member for housing said: “We have written to 85 shared ownership leaseholders in the borough who could potentially be eligible for a refund. I’m sure many will be delighted at the news.”
Previously, first-time buyers in shared ownership properties had to pay the tax even though all other first-time buyers were exempt on the first £300,000 on properties valued at up to £500,000.
Properties bought as part of the shared ownership scheme costing more than £500,000 won’t benefit from any change and will be buying under the standard system, applying to non first-time buyers too.
For full information on Stamp Duty Land Tax, visit the HMRC website.