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Stamp duty shared ownership staircasing
mse642819
Posts: 38 Forumite
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.
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.
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Comments
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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.0
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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.0
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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!0
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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.0 -
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-note0
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