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Will stamp duty be scrapped on May 6th

Steve_Andrea
Steve_Andrea Posts: 85 Forumite
Part of the Furniture 10 Posts Combo Breaker
in House buying, renting & selling
Ok,

The conservatives reckon they will scap stamp duty on all purchases below £250k if they win the election...

So the question is, how quickly would this happen? would it take weeks or will they do an emergency budget?

any ideaS?

Comments

  • Emmzi
    Emmzi Posts: 8,658 Forumite
    1,000 Posts Combo Breaker
    at the next budget sso months not weeks
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
  • Steve_Andrea
    Steve_Andrea Posts: 85 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Emmzi wrote: »
    at the next budget sso months not weeks

    I read online that the conservatives will re-do the budget within 50days if they win:

    http://www.wharf.co.uk/2010/03/cameron-budget-within-50-days.html
  • Emmzi
    Emmzi Posts: 8,658 Forumite
    1,000 Posts Combo Breaker
    bet you 10p :-)
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
  • Steve_Andrea
    Steve_Andrea Posts: 85 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Emmzi wrote: »
    bet you 10p :-)

    20p its a hung parliment lol

    30p Lib Dems will win.....

    but that aside.... if the tories win, and they scrap stamp duty alot of people could save if they wait to buy?
  • timmyt
    timmyt Posts: 1,628 Forumite
    don't bet on it. anyway, vote liberal, we need a change as this country is competing with ...er oh we have no businesses of any worth
    My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:

    My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o
  • maya+2
    maya+2 Posts: 78 Forumite
    I can tell you exactly when they will scrap stamp duty, the day after i buy my new house, as I've failed to benefit from everything else so far.
    I just missed out when they raised it last time, and its great being on a fixed rate mortgage but i cant complain because at least all the money i have in the bank is earning huge amounts of interest....
    I'm overjoyed it may be on the cards tho as it may but a few more buyers off buying my house now, woohoo.
  • bodgerx
    bodgerx Posts: 190 Forumite
    Labour have already scrapped it for 1st time buyers. They stole the Conservative plan.
  • vegasvisitor
    vegasvisitor Posts: 2,295 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Hope it's before 3rd August??
  • Richard_Webster
    Richard_Webster Posts: 7,646 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Quite apart from anything else Gordon Brown will still be PM on 6th May because it is unlikely that there will be enough results through by midnight that day for him to concede defeat if that is what eventually happens.

    Also a new government cannot change the law by announcement. There has to be a budget and budget resolutions passed in the House of Commons to make lawful the collection (or not) of taxes under the Provisional Collection of Taxes Act. So nothing can happen until the new parliament is opened.
    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.
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