Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether a first-time buyer purchasing a shared ownership resale property qualifies for the first-time buyer relief on Stamp Duty Land Tax if they elect to pay that tax on the full value of the property rather than on the share being purchased.
The option to elect to pay Stamp Duty Land Tax (SDLT) on the full market value of shared ownership property can only be made by the first purchaser on the initial grant of a lease to them. Subsequent purchasers are not able to make an election.
However, where there is a resale of a shared ownership property, first time buyers’ relief will be available where the purchase price is £500,000 or below.