An anomaly has been closed which meant that first time buyers of shared ownership properties were being charged SDLT when they purchased further chunks of equity in their shared ownership home if they had opted to pay the SDLT in stages. A refund scheme has been introduced by HMRC for SDLT paid in these circumstances after 22 November 2017 but before 29 October 2018 when the rules were changed.
Since November 2017 all first time buyers have had the benefit of the following relief: for purchases where the purchase price is no more than £500,000 first time buyers will pay 0% on the first £300,000 and 5% on the balance up to £500,000.
If you need more advice on purchasing a property for the first time then please contact our experienced conveyancing team.
