We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Debate House Prices


In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

FTB stamp duty relief question....

lostinrates
lostinrates Posts: 55,283 Forumite
I've been Money Tipped!
in Debate House Prices & the Economy
its upto £250...right? what happens if a FTB buys over £250...is there any relief on that?
«1

Comments

  • zygurat789
    zygurat789 Posts: 4,263 Forumite
    Part of the Furniture Combo Breaker
    The relief is only on properties up to £250000, if the buyer is a FTB.
    The only thing that is constant is change.
  • carolt
    carolt Posts: 8,531 Forumite
    lostinrates wrote: »
    its upto £250...right? what happens if a FTB buys over £250...is there any relief on that?

    In a word, no.
  • lostinrates
    lostinrates Posts: 55,283 Forumite
    I've been Money Tipped!
    LOL, worth double checking. Thanks guys.


    Its worth saying I am also surprised how much a simple mortgage valuation is ''nowadays''. This time there was already a full structural, so its the first time a simple bank survey, as opposed to more detailed one, has been an issue.
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    Well they will relieve you of 3% of the sale price in tax. :)
  • lostinrates
    lostinrates Posts: 55,283 Forumite
    I've been Money Tipped!
    Really2 wrote: »
    Well they will relieve you of 3% of the sale price in tax. :)

    4%.....I think.
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    lostinrates wrote: »
    4%.....I think.

    Sorry I presumed you meant over £250K but not over £500k (it just said over £250K on your first post)

    £500K - £1M is the 4% rate.
  • lostinrates
    lostinrates Posts: 55,283 Forumite
    I've been Money Tipped!
    Really2 wrote: »
    Sorry I presumed you meant over £250K but not over £500k (it just said over £250K on your first post)

    £500K - £1M is the 4% rate.

    Yes.....it did just say 250 in OP. I thought it a better question.
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    lostinrates wrote: »
    Yes.....it did just say 250 in OP. I thought it a better question.

    Yes your average £500K+ FTB may not need any buying assistance in the eyes of the general public. :)
  • lostinrates
    lostinrates Posts: 55,283 Forumite
    I've been Money Tipped!
    edited 7 May 2010 at 8:52AM
    Really2 wrote: »
    Yes your average £500K FTB may not need any buying assistance in the eyes of the general public. :)


    Fair enough, but still a valid question IMO.

    edit: infact in the system how it stands I think I'd agree with the general public. In fact...I'd wonder why any assistance is offered over avergae house price I think.
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    edited 7 May 2010 at 9:10AM
    lostinrates wrote: »
    Fair enough, but still a valid question IMO.

    It was, I was not having a dig, just that such a move would be a bit of a political faux pas (in reality why just help some not all FTB's).

    Personally I do not see the point of the tax. They should just have a registry fee IMHO. But also if they keep the tax it should be like income tax so a 750K house should pay 1% of £250K, 3% of the next £250K then 4% on the remaining £250K.
    (done without the FTB break at the moment)
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.2K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.3K Work, Benefits & Business
  • 600.9K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 259.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture