fbpx

Shared ownership and tax relief

8th March 2019

Shared ownership involves buying a share in a property and renting the rest. It’s a cost-effective way for first-time buyers to get a toehold on the property ladder.

The Chancellor’s 2018 Budget included plans to correct an anomaly from his previous Budget by cutting stamp duty for first-time buyers of shared ownership properties worth up to £500,000.

And there was more good news. The Chancellor applied the relief retrospectively from his 2017 Budget to shared ownership properties bought in England and Northern Ireland. Searching Stamp Duty Land Tax on www.gov.uk gives details of how to contact HMRC if you’re entitled to a refund.