Stamp duty update
- By Paul Sullivan LLM MCIM
In last month's Budget, Chancellor of the Exchequer, the Rt. Hon. Philip Hammond MP, announced the extension of stamp duty relief for first-time buyers on shared-ownership homes.
‘Shared ownership’ refers to schemes designed to get you on to the property ladder through owning a portion of your new home whilst renting the remainder from a housing association, the best known of which is probably Co-Ownership. Backdated to 22 November 2017, the stamp duty exemption now applies to the first £300,000 on shared-ownership homes valued at up to £500,000.
You can check your potential stamp duty liability online at: www.fc-law.news/SDLT
There is to be a further consultation in the New Year on a proposal to impose a surcharge of 1% on ‘non-residents’ purchasing residential property in Northern Ireland. Presumably the consultation will deal with issues such as the definition of ‘non-residents’ to cover someone from here but working away.
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