Autumn Budget change in Stamp Duty for Shared Ownership

The Autumn Budget saw a change in Stamp Duty for those who purchase Shared Ownership Properties. This means that all purchases under this scheme will be exempt from Stamp Duty.

Whilst previously there were two ways of electing to pay this tax under this scheme, it now makes more practical sense to nominate to submit a stamp duty return on the full market value of the property rather than the smaller share you may be purchasing. This means that when you increase your share in the property bit by bit (known as staircasing) up to 100%, you will not have to pay any further tax or submit a new stamp duty return unless the market value has increased. Eldridges would, of course, be pleased to advise you on all shared ownership sales and purchases.

Follow the link to gov.uk to find out more about shared ownership:https://www.gov.uk/affordable-home-ownership-schemes