…will be extended in
England and Northern Ireland to apply to all first-time buyers purchasing
residential property worth up to £500,000 through a qualifying shared ownership
scheme. The relief will also apply to shared ownership property buyers who have
already paid SDLT on the initial equity stake and rental amount since the
introduction of the relief on 22 November 2017. They will have a year to make a
backdated claim for the relief. This measure will be effective from 29 October
2018.
Currently
lettings relief can be claimed by
individuals who let out a property that is, or has in the past been, their main
residence. From April 2020, the government will reform lettings relief so that
it is only available to individuals in shared occupancy with a tenant.
Currently,
the final period exemption means
that people do not have to pay CGT on gains made in the final 18 months of
ownership. From April 2020, the exemption will be reduced to 9 months. There
will be no changes to the 36 months final period exemption available to
disabled people or those in a care home.
Individuals
who replace their main residence can reclaim
the SDLT where the new home was purchased before selling the old, subject
to the old residence being sold within 3 years of the new home purchase.
The residence nil-rate band (RNRB)
increases to £150,000 from £125,000 from 6 April 2019 and to £175,000 from 6
April 2020; allowing some couples to leave up to £950,000 to
future generations free of IHT.