{"id":4860,"date":"2022-04-03T10:20:05","date_gmt":"2022-04-03T10:20:05","guid":{"rendered":"http:\/\/127.0.0.1\/wordpress117\/loans\/4860.html"},"modified":"2022-04-03T10:20:05","modified_gmt":"2022-04-03T10:20:05","slug":"autumn-budget-2022-new-assistance-to-buy-scheme-to-become-launched-for-first-time-buyers","status":"publish","type":"post","link":"https:\/\/tdafinance.com\/loans\/4860.html","title":{"rendered":"Autumn Budget 2022: new Assistance to Buy scheme to become launched for first-time buyers"},"content":{"rendered":"

<\/p>\n

The government today announced that the new Help to Buy equity loan scheme for first-time buyers will be launched in April 2022.<\/b><\/p>\n

The scheme will feature regional price caps, and comes alongside reforms to stamp duty for shared ownership users, capital gains tax (CGT) changes for landlords and additional funding for housebuilders.<\/p>\n

Here, we give you the lowdown on all today’s key property announcements.<\/p>\n

<\/p>\n

New Assistance to Buy scheme for first-time buyers<\/h2>\n

When the current Help to Buy equity loan scheme leads to March 2022, a brand new version will be launched with regional price caps.<\/p>\n

The scheme, that will run for 2 years until March 2023, are only available to first-time buyers.<\/p>\n

Prices will be capped at 1.5 times the current forecast average first-time buyer price in every region – with a more lb600,000 set in London.<\/p>\n

The caps is going to be the following:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
Region<\/strong><\/td>\nHelp to purchase equity loan price cap (2022-23)<\/strong><\/td>\n<\/tr>\n
North East<\/td>\nlb186,100<\/td>\n<\/tr>\n
North West<\/td>\nlb224,400<\/td>\n<\/tr>\n
Yorkshire & the Humber<\/td>\nlb228,100<\/td>\n<\/tr>\n
East Midlands<\/td>\nlb261,900<\/td>\n<\/tr>\n
West Midlands<\/td>\nlb255,600<\/td>\n<\/tr>\n
East of England<\/td>\nlb407,400<\/td>\n<\/tr>\n
London<\/td>\nlb600,000<\/td>\n<\/tr>\n
South East<\/td>\nlb437,600<\/td>\n<\/tr>\n
South West<\/td>\nlb349,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The government says is doesn't have intends to continue offering Assistance to Buy equity loans beyond March 2023.<\/p>\n

<\/p>\n

First-time buyer stamp duty cut extended to shared ownership<\/h2>\n

The government will even extend stamp duty relief to first-time buyers purchasing shared ownership homes priced up to lb500,000 – backdated to incorporate anyone who has bought since 22 November 2022.<\/p>\n

Currently, buyers who make use of a shared ownership scheme can either pay stamp duty on their own share from the property (if it is more expensive than the lb125,000 threshold) or overall value of the property (including the portion they haven’t bought yet but may buy further down the line).<\/p>\n

Under the current system, people who find the former would previously have missed out on first-time buyer stamp duty relief.<\/p>\n

So, assuming you’re buying 50% of the home priced at lb350,000 and only plan to pay stamp duty in your initial share:<\/p>\n

<\/p>\n

Under the brand new system, the buyer wouldn’t need to pay this lb1,000 charge.<\/p>\n

The cut to stamp duty for first-time buyers was originally announced in last year’s Budget, and the Chancellor says it's so far helped 121,500 buyers.<\/p>\n

<\/p>\n

Capital gains tax changes for landlords<\/h2>\n

The Chancellor says that the government will enhance the targeting of non-public residence relief on capital gains tax.<\/p>\n

From April 2022, letting relief is going to be reformed in order that it will only apply when the owner of the home is in shared occupancy using the tenant.<\/p>\n

The landlord capital gains tax exemption around the final 1 . 5 years before a property comes may also be cut to nine months.<\/p>\n

These changes is going to be susceptible to a consultation.<\/p>\n

Non-resident stamp duty consultation<\/h2>\n

The government will publish a consultation in January 2022 on introducing a 1% stamp duty surcharge for non-residents purchasing a home in England and Northern Ireland.<\/p>\n

lb500m for housing infrastructure fund<\/h2>\n

Today’s Budget speech also included a suite of announcements around house-building:<\/p>\n","protected":false},"excerpt":{"rendered":"

The government today announced that the new Help to Buy equity loan scheme for first-time buyers will be launched in April 2022. The scheme will feature regional price caps, and comes alongside reforms to stamp duty for shared ownership users, capital gains tax (CGT) changes for landlords and additional funding for housebuilders. Here, we give<\/p>\n","protected":false},"author":1,"featured_media":4859,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[32],"_links":{"self":[{"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/posts\/4860"}],"collection":[{"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/comments?post=4860"}],"version-history":[{"count":0,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/posts\/4860\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/media\/4859"}],"wp:attachment":[{"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/media?parent=4860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/categories?post=4860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/tags?post=4860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}