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Stamp duty and George Osborne's Budget
Comments
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MentalMinnie wrote: »If changes to stamp duty were made, how would affect those that have already started the buying process? We're about half way through buying our first house. If there is a reduction, would we be able to benefit?
If there is a reduction, then depending on when it was timetabled to kick in would determine if you benefit.
Although there is a risk, that if you get SDLT cut, then it is likely the market will gain extra momentum. This could increase the chance of your purchase falling through, as the vendor might feel he sold to cheaply to you and raises the price safe in the knowledge that you have allocated funds in respect of the tax cut you have just received.0 -
song_of_calliope wrote: »I've seen some speculation in various places (BBC News, Telegraph opinion pieces) that there may be something about stamp duty reform in the budget that will be announced next week. In particular, some are saying that stamp duty could be changed so that it's staggered. So if you buy a house for, say, £300,000 you don't pay any stamp duty of the first £125k, then you pay 1% on the next £125k, and 3% on the remaining £50k. So in this example only £1750 would be due to the taxman instead of £9000. Fingers crossed.
Does anyone know, if such a thing does get announced, exactly when it would come into effect? Is it immediate? Anyone care to speculate on whether this is likely? I know no one knows for sure.
I ask because we're in the process of buying a house and are likely to exchange in early June. Thanks.
We have just sold ours at 264,000 which is less than we wanted but we were realistic about the stamp duty so the buyers have got a good deal from us, our next house is 374,800 so I will be !!!!ed if he only changes the lower limit meaning my buyer gets away from paying as I reduced to compensate the stamp duty and we then get nothing to help us on our purchase due to complete around May 2014...
I hope the rumour is right though...0 -
SDLT falls due on exchange of contracts so I'd imagine that it will depend on when contacts are exchanged. If the changes have kicked in by then then you'd be charged at the new rate.MentalMinnie wrote: »If changes to stamp duty were made, how would affect those that have already started the buying process? We're about half way through buying our first house. If there is a reduction, would we be able to benefit?0 -
Help to buy is being extended to 2020 and a new garden city being built in kent according to Osborne just now.0
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I always thought it was determined by completion date, not by exchange date?lynneinjapan wrote: »SDLT falls due on exchange of contracts so I'd imagine that it will depend on when contacts are exchanged. If the changes have kicked in by then then you'd be charged at the new rate.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
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