Amend the new SDLT rules to include new & existing shared ownership home owners

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Petition Action

Amend the new SDLT rules to include new & existing shared ownership home owners

Petition Details

The new SDLT rules announced in the budget allows first time buyers to avoid stamp duty for properties up to £300k. Shared ownership home owners are not due to pay stamp duty until they staircase to above 80% ownership however they are still liable to pay despite it being their first purchase.

Additional Information

Shared ownership home owners can defer the stamp duty payment until over 80% of a property is owned. Shared ownership is a scheme used by many young adults to try and get onto the property ladder as a first time buyer. Stamp duty should not be payable for those who are shared ownership home owners on their purchase including when they staircase so are in a position where is needs to be paid for the first time. The new rules need to be amended to cover people in this situation.

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