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stamp duty and 2014 budget
aldershot
Posts: 210 Forumite
We're hopefully exchanging on a house this week (>500k but <1m) and looking to complete probably on the 21st March. The budget is on the 19th March. Does anyone have any views on the potential for stamp duty changes?
My view is that if there is any reduction it will only be at the 250k level (say moving 250k to 300k) and not at any higher levels. I don't think the whole step issue will be changed and I don't think there is political will to lower stamp duty for those >500k. The problem is it now raises too much money and the exchequer needs all the cash it can get.
Does anyone think duty might be raised on homes >500k? When it has been changed in the past, has it been on contract exchanged or completion date?
Thoughts welcome.
My view is that if there is any reduction it will only be at the 250k level (say moving 250k to 300k) and not at any higher levels. I don't think the whole step issue will be changed and I don't think there is political will to lower stamp duty for those >500k. The problem is it now raises too much money and the exchequer needs all the cash it can get.
Does anyone think duty might be raised on homes >500k? When it has been changed in the past, has it been on contract exchanged or completion date?
Thoughts welcome.
0
Comments
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It's based on completion date, as that is when the tax falls payable.
No changes are expected at your level, AFAIK.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Have there been rumours of changes at lower levels? I ask as someone who's hunting at the moment with the 250k threshold as the top of their budget, partly because of the stamp duty (i.e. we could afford to make slightly higher offers if the stamp duty didn't suddenly jump at that point).0
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It needs looking at, talk about a cash cow!0
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first world problems eh #1Never, under any circumstances, take a sleeping pill and a laxative on the same night.0
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Talk of £250k level moving to 275k or 300k. Only a rumour at this stage.0
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I wish they'd bring back the stamp duty for 250k and under. It would be lovely timing for me
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ConfusedofYorkshire wrote: »I wish they'd bring back the stamp duty for 250k and under. It would be lovely timing for me
I assume you meant to say "stamp duty holiday" as there currently is SDLT due on sales between £125K and £250K. Don't hold your breath for that or any change that raises the thresholds, Gideon will want another year of money coming in before looking at pre-election giveaways.0 -
I thought this was a money saving forum? Am I not entitled to reduce my tax bill to a minimum too? At 4%, it's going to be a pay for a teacher for a year or two.
Isnt that good?
Pay more out the goodness of your heart , maybe get a teaching assistant for the year as wellNever, under any circumstances, take a sleeping pill and a laxative on the same night.0 -
I assume you meant to say "stamp duty holiday" as there currently is SDLT due on sales between £125K and £250K. Don't hold your breath for that or any change that raises the thresholds, Gideon will want another year of money coming in before looking at pre-election giveaways.
Yes I meant holiday:). Painfully aware that I'll be paying stamp duty. Still, I can dream for another couple of weeks....0
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