Stamp Duty Land Tax: First Time Buyers

Treasury written question – answered on 23rd June 2022.

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Photo of Gary Sambrook Gary Sambrook Conservative, Birmingham, Northfield

To ask the Chancellor of the Exchequer, for what reason people buying a home for the first time under the gradual homeownership model are not subject to first-time buyers Stamp Duty relief.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

In 2017, the Government permanently increased the price at which a property becomes liable to Stamp Duty Land Tax (SDLT) to £300,000 for first time buyers. Since its introduction, over 673,000 people have benefitted from the relief.

Consumers using a product referred to as ‘gradual homeownership’ do not buy a share in a property but instead invest in a partnership along with a set of investors who are seeking a profit on that investment. This form of ownership means that the purchase does not meet the statutory conditions for relief.

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