Have you heard the latest stamp duty news...?
The number of first-time buyers has reached an 11 year high!
Are you aware of the stamp duty rates incurred when purchasing a property? Well, Chancellor Philip Hammond announced plans to correct an anomaly from his previous Budget by cutting first time buyer stamp duty, of shared ownership properties worth up to £500,000.
You may recall, in 2017 to qualify for stamp duty exemption, first-time buyers of homes priced up to £300,000 and buyers of a shared ownership property had to elect to be taxed on the full market value of the home (up to £500,000) rather than only the share they were buying! If the full market value of the shared ownership property was more than £500,000, the buyer would not have even been eligible for any stamp duty reduction at all.
Mr Hammond also promised to apply this retrospectively for all those shared ownership scheme home buyers since the last Budget.
Great news if you fit the buyer criteria and will be exempt from this tax...take the opportunity, it's beneficial to move now!
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For more information about the recent headline please see the article below:
Stamp duty abolished for first-time buyers of shared-ownership homes
Chancellor Philip Hammond announced plans to correct an anomaly from his previous Budget by cutting stamp duty for first-time buyers of shared ownership properties worth up to £500,000. Previously, to qualify for the stamp duty exemption given in 2017 to
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