No stamp duty <£250k

Cannon_Fodder

http://www.hmrc.gov.uk/budget2010/sdlt.htm

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

Pennywise

poppy_f1 wrote: »

guess the main questions are what they will define as a FTB and how they will check

It's there on the HMRC website:-

http://www.hmrc.gov.uk/budget2010/sdlt.htm

It will rely on honestly making a declaration - there'll be the usual penalties etc if you're found to have made a false declaration, just like other tax returns.

Really2

Cheers CF.
That clears it up then.

the purchaser must not, either alone or with others, have previously acquired a major interest in land which includes residential property, or an equivalent interest in land situated anywhere in the world. This includes previousacquisitions by a financial institution on behalf of a person under an alternative finance scheme referred to in FA03/S71A-73.

This restriction does not apply where the interest acquired was the grant or assignment of a lease with less than 21 years to run.

Blacklight

Just saw this on twitter, you have to hand it to them very quick off the mark:

Emy1501

phil_b wrote: »

Surely a first-time-buyer is someone who hasnt bought a house before... who is buying... for the first time...

The government get moaned at about how hard it is for people to get on the property ladder now and how FTB's can struggle. They give FTB's some money off and it's a whole other portion of the public that moan.

Who'd want to be part of the government??!?

I'm sure there will be at least one loophole to exploit if you arent quite an FTB though.

Does not seem like as you cant of owned anywhere in the world before! Going to affect couples where one has owned but other has not. Not sure if this fair. Will also effect those where famil lend money extra and put their name on deeds to protect interest etc. Maybe a small amount but I know those who have done it.

Blacklight

Where does the point of ownership start? I wonder what the law says about purchasing an interest if someone eases (a childs?) name is on the deeds but you are the financier.

phil_b_2

Emy1501 wrote: »

Does not seem like as you cant of owned anywhere in the world before! Going to affect couples where one has owned but other has not. Not sure if this fair. Will also effect those where famil lend money extra and put their name on deeds to protect interest etc. Maybe a small amount but I know those who have done it.

I suppose it is a tricker situation when you have a couple where one is an FTB. I guess that situation would be where person A has moved in with person B. Person B owns the house. Person B sells house and both buy a new one together.

Maybe in that situation they should have to only pay half of what the stamp duty would have been.

Harvie_2

We completed on Friday just gone...should we have known this was going to happen? Have I just made a hugely horrid mistake

BigJonnyB

So this is another one of those situations where couples would be better off living seperately. I owned a house with my mum for a couple of years, but sold over 3 years ago. My partner has never owned.

We now have to pay the full stamp duty. When I purchased in 2001 I had to pay stamp duty as a FTB on a 90k house. So we've both lost out any kind of benefit. If my partner bought a house by himself then he'd pay no duty. Ridiculous.

MissMoneypenny

potter78 wrote: »

If it's true, is this an attempt to prevent a second drop in the house market by the government?

More of a move to let the FTB on the market.

LHA rates look like they will be dropping. From the Benefits forum:-
http://forums.moneysavingexpert.com/showthread.html?t=2359297