1-3 of 3 results for primarymember:"Gary Sambrook"
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To ask the Chancellor of the Exchequer, if his Department will make an assessment of the potential merits of amending section 71A of the Finance Act (2003) to include gradual homeownership.
To ask the Chancellor of the Exchequer, if his Department will make an assessment of the potential merits of amending section 71A of the Finance Act (2003) to include gradual homeownership.
Section 71A of the Finance Act 2003 provides tax relief for financial institutions who purchase property which is subject to alternative financing arrangements. The rules prevent a double tax charge applying so that the tax outcome for purchasers is the same as if they had used conventional mortgage financing. The product referred to as ‘gradual homeownership’ uses arrangements which are not substantially similar to conventional mortgage financing and therefore the same requirements for relief are not present.
The Government keeps all tax policy under review.
To ask the Secretary of State for Levelling Up, Housing and Communities, whether his Department has made an assessment of the potential role that gradual homeownership schemes could play in achieving the Government’s ambitions for more people to be able to own their own home.
To ask the Secretary of State for Levelling Up, Housing and Communities, whether his Department has made an assessment of the potential role that gradual homeownership schemes could play in achieving the Government’s ambitions for more people to be able to own their own home.
The provision of affordable housing is a key element of the Government's plan to end the housing crisis and provide aspiring homeowners with a step onto the housing ladder. Our £11.5 billion Affordable Homes Programme aims to deliver up to 180,000 new homes across the country, should economic conditions allow. Approximately half of these homes will be for affordable home ownership, including Shared Ownership.
In April 2021, the Government launched its new model of Shared Ownership. This new model will make it easier for people to gradually increase the size of their equity stake in their Shared Ownership home, as and when they can afford to do so, all the way up to full ownership, with some limited exceptions.
To ask the Secretary of State for Levelling Up, Housing and Communities, what assessment he has made of the potential merits of a gradual homeownership scheme; and if his Department will make an assessment of the potential merits of adding gradual homeownership to existing property purchasing arrangements ahead of the...
To ask the Secretary of State for Levelling Up, Housing and Communities, what assessment he has made of the potential merits of a gradual homeownership scheme; and if his Department will make an assessment of the potential merits of adding gradual homeownership to existing property purchasing arrangements ahead of the...
The Government's £11.5 billion Affordable Homes Programme 2021-2026 aims to deliver up to 180,000 new homes, should economic conditions allow. Approximately half of these homes will be for affordable home ownership, including Shared Ownership.
Shared Ownership enables a buyer to purchase an initial equity stake in a home of between 10%-75% of its market value. Following purchase, the buyer can then gradually increase their equity stake in the home, as and when they can afford to do so, all the way up to full ownership, with some limited exceptions.
In April 2021, the Government launched its new model of Shared Ownership. This new model will make Shared Ownership more consumer friendly, easier to access and fairer, leading to a better experience for a future generation of home owners.