Stamp Duty land Tax SDLT for a Shared Ownership property

JustMe18

Hello. Am i right thinking, i don't have to pay Stamp duty on my Shared ownership property ( full market value £385000  , we are buying 60% share at £231 000), we are NOT first time buyers. I am just reading I have right to choose to pay it now for the whole market value or to pay it later, when i purchase more shares? 

SDLT_Geek

JustMe18 said:

Hello. Am i right thinking, i don't have to pay Stamp duty on my Shared ownership property ( full market value £385000  , we are buying 60% share at £231 000), we are NOT first time buyers. I am just reading I have right to choose to pay it now for the whole market value or to pay it later, when i purchase more shares? 

That is right, assuming you are buying in England, so the relevant stamp duty is stamp duty land tax.

If you do not elect to pay SDLT on the market value, then SDLT will be payable if and when you staircase to over 80%.

JustMe18

SDLT_Geek said:

JustMe18 said:

Hello. Am i right thinking, i don't have to pay Stamp duty on my Shared ownership property ( full market value £385000  , we are buying 60% share at £231 000), we are NOT first time buyers. I am just reading I have right to choose to pay it now for the whole market value or to pay it later, when i purchase more shares? 

That is right, assuming you are buying in England, so the relevant stamp duty is stamp duty land tax.

If you do not elect to pay SDLT on the market value, then SDLT will be payable if and when you staircase to over 80%.

Yes sorry, it's in England. Thanks for your reply.