PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Stamp duty shared ownership staircasing

Options
mse642819
mse642819 Posts: 38 Forumite
in House buying, renting & selling
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.

Comments

  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    First Anniversary Name Dropper First Post
    Options
    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
    Gill1e Posts: 4 Newbie
    Options
    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
    Looker545 Posts: 3 Newbie
    Options
    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
    Looker545 Posts: 3 Newbie
    Options
    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
    00ec25 Posts: 9,123 Forumite
    Combo Breaker First Post
    edited 30 November 2017 at 3:23PM
    Options
    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
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.4K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.8K Spending & Discounts
  • 235.5K Work, Benefits & Business
  • 608.4K Mortgages, Homes & Bills
  • 173.2K Life & Family
  • 248.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards