Stamp Duty abolished for first-time shared ownership buyers
- AuthorLaura Kurowski
In yesterday's Budget, the Chancellor announced that Stamp Duty Land Tax relief will be extended to first time buyers purchasing shared ownership homes valued up to £500,000.
Buyers will be exempt from this tax, which has been implemented retrospectively for shared-ownership buyers since the first-time buyer exemption was introduced in November 2017. The change takes effect immediately.
Philip Hammond also announced that, in January 2019, the Government will publish a consultation on a Stamp Duty surcharge of 1% for non-residents buying a residential property in England and Northern Ireland.
For more information about the changes to Stamp Duty, please contact one of our residential conveyancing team in Halifax, Huddersfield or Brighouse.