First the good news, Mr Hammond announced an extension to First-Time Buyers Relief to those purchasing properties through a qualifying shared ownership scheme. This will apply to property worth up to £500,000 to mirror the existing rules, but will also apply retrospectively to all purchases on or after 22 November 2017.
Another welcome, albeit minor change, is the extension of the time limit to claim a refund of the higher rate of SDLT where a previous residence is sold after the new one is purchased. Taxpayers will now be able to claim the refund by the later of 12 months from selling the old home and a year from the filing date for the SDLT return for the new home.
Obviously, there cannot be good news for everyone so he also announced a tweak to the rules relating to the definition of higher rate transactions where purchasers must pay the additional 3% SDLT. The rules will now also apply to ‘undivided’ shares in a major interest in a dwelling.