Budge – Backdated Stamp Duty relief for shared ownership buyers announced
In today’s Budget, Chancellor Philip Hammond announced that Stamp Duty relief will now be extended to first time buyers purchasing shared ownership homes valued up to £500,000.
The 2017 Budget saw the Chancellor announce that he has would raise the 0% stamp duty threshold to £300,000 from its previous level of £125,000, with the relief also available on the first £300,000 of purchase prices up to £500,000. Government figures released this summer indicated that this had assisted over 120,000 first time buyers since its implementation.
However, today he extended the relief to those buying shared ownership homes, and added that the relief would be backdated for any FTBs who had purchased shared ownership homes since the initial Stamp Duty relief announcement in November last year.
Source: Financial Reporter