Stamp duty after Xmas

VKay

Does anyone know what is happening with stamp duty for houses under £175K after New Year?

Is it definitely being brought back? Is there any way to find out?? What would it revert back to? 1%?

Really hoped not to have to pay this but can't find anything i want to buy...

wilksy007

I'm in pretty much the same boat, I will probably start looking for a house in Dec/Jan.

Can't see much changing between now and then in the housing market, and there will be an election next year. We can only hope they extend the offer.

VKay

I just spoke to an EA who cheerfully told me it is 'definitely' coming back after Dec 09.

Cannon_Fodder

That'll be an EA trying to give you a reason to buy now...its called Vested Interest.

Don't buy the wrong house now, for the sake of £1750. If you find the right house/right price now, that you would have bought anyway, that's different.

suavekc

Hmm no surprise there, VAT's back up to 17.5% in January so no doubt the Gov't will be trying to increase every other possible fee that buyers and sellers will be facing.

I'm thinking of selling in the next 6-10 months, house is around £135k so hopefully they will keep it at something above that to not put buyers off!

VKay

Thank you Cannon Fodder ( you sound like my Mum!). I know you are absolutely right but I've been saving for so long that it just feel like another hurdle...

Cheers!

googler

If anyone's going to know, it'll be HMRC, so if there's been any announcement, it'll appear at

www.hmrc.gov.uk

VKay

Thanks. i wonder how soon they'll decide. otherwise there will be some anxious people pushing through sales before Xmas!

tek-monkey

I'd was thinking that they'd want to keep people happy, with an election due and everything, so would postpone its return. Then I realised that I wouldn't want to be in charge of the country right now, whoever gets the next decade will be hated as the people who vastly increased taxes, albeit only to pay off the billions wasted over the previous one.

Although then of course they want to be remembered as the good guys, so a last minute tax raise may not be worthwhile, and its not like they'll get in anyway. So I dunno!

Cannon_Fodder

Pre-Budget report time is November, I wouldn't be surprised if they extend then...

toby3000

I would actually be surprised if they do extend it. The Tories are bound to go with the poor state of the public finances in the election, and if VAT and Stamp Duty are back to normal at least the government can claim they are beginning to get things back under control.