The Chancellor announced today that the government will extend first-time buyers relief to all first-time buyers of shared ownership properties in England and Northern Ireland.
The relief will not apply to purchases of properties valued over £500,000.
This amendment will apply to relevant transactions with an effective date of on or after 29th October 2018. The measure will also apply retrospectively to transactions with effective dates on or after 22nd November 2017, which was the date first-time buyer’s relief was originally introduced.
The relief must be claimed in an SDLT Return or by amending an SDLT return which has already been filed.
For those who completed their transaction before 29th October 2018, the opportunity to amend their SDLT Return will be extended by a further 12 months until 28th October 2019.
A technical correction was included to extend the time frame in which the 3% SDLT on additional dwellings can be reclaimed. This applies to situations where an individual sells his or her home within three years of making a replacement purchase. The amendment, which comes into effect from 29th October 2018, extends the reclaim period from three to twelve months following the sale of the old home.
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