The Budget 2018
The Chancellor announce on 29 October 2018 that first-time buyers in shared ownership homes will pay zero stamp duty on the first £300,000 of any home that costs up to £500,000 with immediate effect. In England and Northern Ireland, the new stamp duty rates for first-time buyers purchasing shared ownership properties are as follows:
- Up to £300,000 purchase price: 0% stamp duty
- £300,000.01 to £500,000: 5% (on that portion of the purchase price only)
This means on a home worth less than £300,000, first-time buyers (both in and out of shared ownership schemes) won’t need to pay stamp duty.
The stamp duty relief will be extended to properties already bought by first-time buyers under the shared ownership scheme since 22 November 2017, provided they were valued at £500,000 or under.
A first-time buyer is anyone who hasn’t owned a property before anywhere in the world, whether bought or inherited.
Speak to one of our Property Team for further information.
