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SDLT (Stamp Duty) on Shared Ownership
Mac_Sami
Posts: 277 Forumite
I couldn't see this on here after searching, but might have been looking in the wrong places.
Remember, since April, the abolition of the £600 rent rule for SDLT means that if you buy a Shared Ownership property, you only pay SDLT if:
1. You voluntarily elect to pay it on the whole property i.e. 100% of the market value,
OR
2. Your share of the property is less than 80%, and more than the threshold for SDLT in the given area (typically £125,000, sometimes £150,000 in designated areas - see the SDLT web site for more information).
Once you staircase to over 80%, you are then liable for SDLT.
This means that for shared ownership purchases of less than 80% of the property, at less than the SDLT threshold, no SDLT applies, meaning (typically) a 1% saving on the purchase price.
Remember, since April, the abolition of the £600 rent rule for SDLT means that if you buy a Shared Ownership property, you only pay SDLT if:
1. You voluntarily elect to pay it on the whole property i.e. 100% of the market value,
OR
2. Your share of the property is less than 80%, and more than the threshold for SDLT in the given area (typically £125,000, sometimes £150,000 in designated areas - see the SDLT web site for more information).
Once you staircase to over 80%, you are then liable for SDLT.
This means that for shared ownership purchases of less than 80% of the property, at less than the SDLT threshold, no SDLT applies, meaning (typically) a 1% saving on the purchase price.
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