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STAMP DUTY - Can anyone clarify what is happening as at 31/12/09?????

PottyHouse_2
Posts: 373 Forumite
Hi all,
Advice from Solicitors/Conveyancers welcome !!! 
I have just spoken with a Conveyancer Intermediary who has arranged our purchase/sale of properties for me to advise that as we will not complete by 31/12 (or even 23/12/09) as originally arranged we may have to pull out as we are by no means happy that we will have to pay stamp duty through no fault of ours.
Intermediary said we need to double check with solicitor as there was something around the date 10th December 2009 that the Government was going to consider. Hopefully you are aware that currently properties up to the purchase price of £175,000 do not pay any stamp duty and from 1st Jan 2010 the 1% charge was to come back in force.
As my Solicitor currently busy and out of the office I thought this is my next best source of information.
Advice appreciated - thanks :T


I have just spoken with a Conveyancer Intermediary who has arranged our purchase/sale of properties for me to advise that as we will not complete by 31/12 (or even 23/12/09) as originally arranged we may have to pull out as we are by no means happy that we will have to pay stamp duty through no fault of ours.
Intermediary said we need to double check with solicitor as there was something around the date 10th December 2009 that the Government was going to consider. Hopefully you are aware that currently properties up to the purchase price of £175,000 do not pay any stamp duty and from 1st Jan 2010 the 1% charge was to come back in force.
As my Solicitor currently busy and out of the office I thought this is my next best source of information.
Advice appreciated - thanks :T
:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:
0
Comments
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The Stamp Duty Land Tax threshold is due to be reduced back tot he figure of £125,000 for transactions completing on or after 1st January 2010 unless the Chancellor alters this in his pre-budget statement which I think is due about 9th or 10th December.
I wouldn't hold out much hope of that happening.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Richard_Webster wrote: »The Stamp Duty Land Tax threshold is due to be reduced back tot he figure of £125,000 for transactions completing on or after 1st January 2010 unless the Chancellor alters this in his pre-budget statement which I think is due about 9th or 10th December.
I wouldn't hold out much hope of that happening.
Thanks for quick reply Richard !!!
I kind of thought it was the pre budget speech - well either way we will know by Thursday - it seems a good idea to me for him to extend it, but then I am very biased !!!!!:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:0 -
Richard_Webster wrote: »The Stamp Duty Land Tax threshold is due to be reduced back tot he figure of £125,000 for transactions completing on or after 1st January 2010 unless the Chancellor alters this in his pre-budget statement which I think is due about 9th or 10th December.
I wouldn't hold out much hope of that happening.
I've recently had an offer accepted on a property which is under the £175k threshold, but am trying to factor in the SDLT. Am i right to assume that this is payable upon full completion of everything, rather than when a contract (for exchange of monies/property) is dated?
(in other words, if for example, contracts dated XX/12/2009, the purchase would be exempt of SDLT?)0 -
Just found interesting article
http://www.mortgageintroducer.com/mortgages/236197/5/Industry/Labour_backbenchers_call_for_Stamp_Duty_extension.htm
I have everything crossed !!! :T:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:0 -
stanleyfox69 wrote: »I've recently had an offer accepted on a property which is under the £175k threshold, but am trying to factor in the SDLT. Am i right to assume that this is payable upon full completion of everything, rather than when a contract (for exchange of monies/property) is dated?
(in other words, if for example, contracts dated XX/12/2009, the purchase would be exempt of SDLT?)
Stamp Duty is payable on completion. You could exchange on the 31st Dec and complete on the 1st Jan and you would be hit with the 1% tax0 -
stanleyfox69 wrote: »I've recently had an offer accepted on a property which is under the £175k threshold, but am trying to factor in the SDLT. Am i right to assume that this is payable upon full completion of everything, rather than when a contract (for exchange of monies/property) is dated?
(in other words, if for example, contracts dated XX/12/2009, the purchase would be exempt of SDLT?)
Yes, I am under the impression having being confirmed by our Solicitor that it doesnt matter if you exchange before 31st December 2009 it is the completion date that affects whether you pay SD on properties under £175k.
So as most Solicitors finish on 23rd December 2009 and if you haven't completed by then (and if Darling doesn't extend the threshold in the PBS - as above) you can expect to have to pay it! Sorry !:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:0 -
Does the disadvantaged area Stamp Duty threshold still stand (£150k)??0
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Does the disadvantaged area Stamp Duty threshold still stand (£150k)??
At the moment, Yes, subject to anything the Chancellor may say.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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