Stamp Duty - Budget 2010

roboff

Just found out i definately dont have to pay it!!

Over the moon

tara747

http://www.hmrc.gov.uk/budget2010/sdlt-qa-tech-1545.pdf

paul_finlay_2

I saw this post generally about stamp duty taking effect at either exchange or completion and although old - it has some relevance here.

"This is Money
19 September 2008

At what point does stamp duty liability arise, on exchange or at completion? If you exchanged today and completed after any changes in stamp duty were introduced would you still benefit from those changes? M.J.S., Holt, Lincs


Louise Cuming, head of mortgage and protection services at Moneysupermarket.com, replies: Stamp duty liability arises at completion of the property sale and is paid by the purchaser. If changes are made in respect of stamp duty liability, the amendments would be affected by a change in the regulation and the relevant Act of Parliament would stipulate the date the change would take effect. Thus the date of exchange is not material. The important date would be that of completion. If the completion date was before the legal date of the enforcement of the change, then the purchaser would not be affected by the change. If completion was after the date the amendment becomes law, then the purchaser would be affected. "

co123456

Obviously, trying to claim this relief when not a FTB would be fraud.

1. Will a government agency verify any claim? If so, which agency, and what is the cost of providing this service?
2. What is the penalty for defrauding HMRC?

timmyt

MissMotivation wrote: »

Not a chance in hell that they will change the thresholds.

In fact.....I will eat my shiny suit if they change it :D

Full yet?

Ha ha, though technically, you are ok, as it is a relief from Stamp Duty if you qualify. Lucky!!!

dannyboyslim

Really bloody angry at this, myself and my girlfriend are now in the process of buying our dream house, will probably exchange mid April.

Guess what, she's a first time buyer, but I'm not, so we don't qualify. That's just wrong in my book, as in my view as a "house buying entity" we are FTBers. If I was buying the property on my own then fair enough, but we're not - I think there should be a re-evaulation by the powers that be as to what constitutes FTBers under this scheme.

Failing that why not just remove the FTB clause altogether? The housing market isn't just about getting first time buyers on the ladder, it's also about facilitating moves further up the chain (particularly as a lot of owners are having to sell with negative equity (including myself).

Useless Labour, can't even bribe their voters weeks before an election right.

franklee

dannyboyslim wrote: »

The housing market isn't just about getting first time buyers on the ladder, it's also about facilitating moves further up the chain (particularly as a lot of owners are having to sell with negative equity (including myself).

Useless Labour, can't even bribe their voters weeks before an election right.

Why does anyone fall for it? I feel desperately sorry for those FTBs who are now lured to buy and run the risk of negative equity in two or three years time Those that were buying anyway didn't really need the windfall.

In the scheme of things when the country is in too much debt and overall taxes need raising and if the house market is in recovery (as the recent rises are argued to show) then why cut stamp duty? The answer is obviously that first time buyers are struggling. Surely the solution to this is that house prices are too high (as the credit crunch with high street banks needing massive bailouts from the taxpayer shows). Yet what's done in this Alice in Wonderland country is to artificially prop up house prices and encourage yet more FTBs to take the plunge into an uncertain market. Fair enough Gordon is desperate to get re-elected but if the house market was in good shape this tax cut would not be needed. Yet here we are with a tax cut that can't really be afforded thus showing yet again the market is in bad shape!

goldengirl28

dannyboyslim wrote: »

Really bloody angry at this, myself and my girlfriend are now in the process of buying our dream house, will probably exchange mid April.

Guess what, she's a first time buyer, but I'm not, so we don't qualify. That's just wrong in my book, as in my view as a "house buying entity" we are FTBers. If I was buying the property on my own then fair enough, but we're not - I think there should be a re-evaulation by the powers that be as to what constitutes FTBers under this scheme.

Failing that why not just remove the FTB clause altogether? The housing market isn't just about getting first time buyers on the ladder, it's also about facilitating moves further up the chain (particularly as a lot of owners are having to sell with negative equity (including myself).

Useless Labour, can't even bribe their voters weeks before an election right.

i'm in the same boat, i've owned a house in the past, but my hubby hasn't! its a pity we can't afford for hubby to buy the house and add my name later

where i live FTBers are buying homes worth upto approx 150, so they are not benefitting at all.

Eric1

dannyboyslim wrote: »

Useless Labour, can't even bribe their voters weeks before an election right.

Looks like they have angered as many people as they have pleased.
Not a well calculated move.

tara747

cheeryoleary wrote: »

Obviously, trying to claim this relief when not a FTB would be fraud.

1. Will a government agency verify any claim? If so, which agency, and what is the cost of providing this service?
2. What is the penalty for defrauding HMRC?

Prison, plus you will have to pay the tax back (plus possible interest/fines). Not a good idea.

franklee wrote: »

Why does anyone fall for it? I feel desperately sorry for those FTBs who are now lured to buy and run the risk of negative equity in two or three years time Those that were buying anyway didn't really need the windfall.

In the scheme of things when the country is in too much debt and overall taxes need raising and if the house market is in recovery (as the recent rises are argued to show) then why cut stamp duty? The answer is obviously that first time buyers are struggling. Surely the solution to this is that house prices are too high (as the credit crunch with high street banks needing massive bailouts from the taxpayer shows). Yet what's done in this Alice in Wonderland country is to artificially prop up house prices and encourage yet more FTBs to take the plunge into an uncertain market. Fair enough Gordon is desperate to get re-elected but if the house market was in good shape this tax cut would not be needed. Yet here we are with a tax cut that can't really be afforded thus showing yet again the market is in bad shape!

+1

goldengirl28 wrote: »

i'm in the same boat, i've owned a house in the past, but my hubby hasn't! its a pity we can't afford for hubby to buy the house and add my name later

where i live FTBers are buying homes worth upto approx 150, so they are not benefitting at all.

Um, I think you'll find they will benefit to the tune of £1,500.