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Budget 2018: Stamp Duty Land Tax and Housing

  • In the October 2018 Budget, the Chancellor of the Exchequer announced that stamp duty relief will be extended for first-time buyers purchasing shared equity houses of up to £500,000.
  • This comes a year after stamp duty land tax was lowered on homes valued at up to £500,00 and was scrapped for homes worth up to £300,000.
  • The government’s flagship Help to Buy equity loan scheme has also been extended for 2 years from April 2021, ending in March 2023. However, the Chancellor has limited the new scheme to first-time buyers only.
  • Alongside this, £500m will be provided for the Housing Infrastructure Fund in order to enable the building of 650,000 homes, while new partnerships with housing associations in England will deliver 13,000 homes.
  • The Chancellor also confirmed that there will be a consultation on a new stamp duty charge for non-residents which will be published in January. Under the proposal a surcharge of 1 percentage point will be applied to non-residents buying residential property in England and Northern Ireland.
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Alicia is part of the property investment and finance team and leads the residential team. Her practice is diverse and includes negotiating deals for domestic and offshore clients.

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