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  • FIRST POST
    • SanderNL
    • By SanderNL 22nd Nov 17, 11:30 PM
    • 37Posts
    • 43Thanks
    SanderNL
    Stamp duty shared ownership staircasing
    • #1
    • 22nd Nov 17, 11:30 PM
    Stamp duty shared ownership staircasing 22nd Nov 17 at 11:30 PM
    Hi,

    Does anyone know if the stamp duty cut applies to the stamp duty due when a first time buyer purchased a shared ownership lease before the announcement (e.g. last year) and wants to staircase up after the announcement?

    I've checked the HRMC website and announcement and this is not mentioned.
Page 1
    • Cakeguts
    • By Cakeguts 22nd Nov 17, 11:58 PM
    • 3,280 Posts
    • 4,572 Thanks
    Cakeguts
    • #2
    • 22nd Nov 17, 11:58 PM
    • #2
    • 22nd Nov 17, 11:58 PM
    But if you want to staircase on a shared ownership property you are no longer a first time buyer because you already own a property. You might have been a first time buyer when you bought the initial fraction of the property if you had never bought one before.
    • Gill1e
    • By Gill1e 23rd Nov 17, 6:29 AM
    • 4 Posts
    • 2 Thanks
    Gill1e
    • #3
    • 23rd Nov 17, 6:29 AM
    Staircasing ftb
    • #3
    • 23rd Nov 17, 6:29 AM
    It's a good question and I'd also like to know. I have a feeling it won't apply, but as you are technically still buying your first property it should apply in my opinion. Guess we'll have to wait and see.
    • Looker545
    • By Looker545 23rd Nov 17, 12:21 PM
    • 3 Posts
    • 1 Thanks
    Looker545
    • #4
    • 23rd Nov 17, 12:21 PM
    • #4
    • 23rd Nov 17, 12:21 PM
    I would like to know the answer to this too, I have a feeling it won't apply however I don't believe staircasing counts as a second purchase, let's hope so!
    • Looker545
    • By Looker545 30th Nov 17, 2:12 PM
    • 3 Posts
    • 1 Thanks
    Looker545
    • #5
    • 30th Nov 17, 2:12 PM
    Stamp duty - shared ownership
    • #5
    • 30th Nov 17, 2:12 PM
    it is set out in black and white in the guide, you are making a staircase transaction purchase, (technically a "linked transaction") so no you cannot claim relief.

    relief applies only where you made a market value election at point of initial purchase. Read the guide:
    gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers-guidance-note

    Shared ownership
    Relief can only be claimed in respect of the grant of a shared ownership lease or the declaration of a shared ownership trust where “market value” treatment applies. In such a case relief applies as usual to the relevant consideration under that treatment. Where “market value” treatment does not apply or has not been opted for, relief cannot be claimed in respect of any of the transactions involved in shared ownership schemes.
    Last edited by 00ec25; 23-11-2017 at 10:45 PM.
    • 00ec25
    • By 00ec25 30th Nov 17, 2:21 PM
    • 5,563 Posts
    • 4,966 Thanks
    00ec25
    • #6
    • 30th Nov 17, 2:21 PM
    • #6
    • 30th Nov 17, 2:21 PM
    LOL, as I can post links, I'll "improve" the bit you copied from my post by adding it

    you are making a staircase transaction purchase, (technically a "linked transaction") so no you cannot claim FTB relief.

    https://www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers-guidance-note
    Last edited by 00ec25; 30-11-2017 at 2:23 PM.
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