Stamp Duty Abolished On Shared Ownership Properties Under £500k
It was recently announced in the government’s Autumn Statement that stamp duty, the tax levied on property purchases, is to be abolished for first time buyers of Shared Ownership homes with a purchase price under £500,000.
The move, designed to encourage first time buyers onto the property market, increases the stamp duty exemption by £200,000, from the £300,000 limit announced in last year’s budget.
Properties valued up to £300,000 are exempt from stamp duty, 5% is then payable on any value above £300,000 up to and including £500,000.
The change in law, combined with the reduced deposit required for a Shared Ownership home, makes buying a part buy part rent home even more attractive for those wanting to get on the property ladder.
Furthermore, the Chancellor announced that the Stamp Duty break will be backdated to November 22nd 2017 – meaning that those who purchased a Shared Ownership home in the past year will be able to apply to HMRC for a refund in the stamp duty paid.
While stamp duty will still be applicable for Shared Ownership homes over £500,000, we are pleased to announce that for the majority of our Shared Ownership properties, stamp duty will not be applicable. To take a look at our current portfolio of Shared Ownership homes in London and the South East, check out our website.
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