29 October 2018
“The Chancellor has announced a welcome change to the 3% higher rates charge on additional dwelling - such as second or buy to let home.
“Home owners who pay the additional charge when they buy a new home, and before they sell their old one, can reclaim the additional 3% if they sell their old home within three years. They will now have at least 12 months from the time they sell their old home to make the reclaim as opposed to the three month time limit currently in place.
“Additionally, purchasers of shared ownership properties will now be able to claim first time buyers relief and the first £300,000 of an initial purchase will not be subject to tax. The remainder will be chargeable at 5%. Moreover, relief will not apply to properties valued at over £500,000. The change announced will apply to purchases from today and is a welcome extension to first time buyers relief for the shared ownership sector.”
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