The 2008 Budget confirmed the abolition of the stamp duty land tax "£600 rule" for residential leasehold transactions with an effective date on or after 12 March 2008.

This means that many purchasers under shared ownership schemes, and who have not elected to pay a one-off SDLT payment on the market value of the property when they buy their first share, are now more likely to not have to pay any SDLT until they purchase part or all of the final 20% share in their property.

This will greatly assist those purchasers who are intended to benefit from shared ownership schemes, but who, until 12 March 2008, would have been penalised by the "£600 rule".