Stamp Duty

Stamp Duty

Stamp Duty Land Tax (SDLT) is a tax paid by the purchaser of a UK residential property.

Stamp Duty Shared Ownership

Stamp Duty on shared ownership is notoriously complicated. Currently, when you purchase a new build shared ownership property you have two options - either pay stamp duty on the price you are paying for your share and the rent or pay on the full market value.

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Stamp Duty Shared Ownership

If you’re buying your first home you can claim a discount (relief) if the property you buy is your first home.

This means you’ll pay:

• no SDLT up to £425,000

• 5% SDLT on the portion from £425,001 to £625,000

You’re eligible if you and anyone else you’re buying with are first time buyers.If the price is over £625,000, you cannot claim the relief. 

So for example...

You are a first time buyer and purchase a property for £500,000. 

The SDLT you owe will be calculated as:

• 0% on the first £425,000 = £0

• 5% on the remaining £75,000 = £3,750

total SDLT = £3,750