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Question Of The Week: First time buyer stamp duty from Feb 2010
Former_MSE_Wendy
Posts: 929 Forumite
Q. I recently purchased a flat at £144,000 on Febuary 12th 2010, we're both first time buyers. I paid 1% stamp duty and now Alistair Darling has changed the threshold and I feel I've missed out! Can I appeal? Sharron
Martin's A: I've received quite a few like this - and I'm afraid the answer is no. In the budget the Chancellor announced first time buyers would be exempt from Stamp Duty for properties up to £250,000 (see stamp duty calculator & Q&A). The new rate started the next day - there's no 'fairness' rule with tax - you pay at the rate that stands at the time of the transaction.
I can't find any more argument for anyone to give you your money back than someone buying a property for £260,000 - who could also argue "its only just outside the limit". If it's any consolation - do remember it hasn't actually cost more than you were expecting to pay.
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Martin's A: I've received quite a few like this - and I'm afraid the answer is no. In the budget the Chancellor announced first time buyers would be exempt from Stamp Duty for properties up to £250,000 (see stamp duty calculator & Q&A). The new rate started the next day - there's no 'fairness' rule with tax - you pay at the rate that stands at the time of the transaction.
I can't find any more argument for anyone to give you your money back than someone buying a property for £260,000 - who could also argue "its only just outside the limit". If it's any consolation - do remember it hasn't actually cost more than you were expecting to pay.
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