Stamp Duty threshold

w00519772

I have read a few reports that the chancellor may do one of the following to stamp duty in the Budget next week (http://citywire.co.uk/money/budget-2014-12-predictions-for-the-chancellor/a740333/6):

1) Abolish it for first time buyers
2) Increase the 0% threshold from £125K to £250K

I am in the process of buying a house and probably won't complete for over a month. If the Chancellor does this, then is it likely to affect me or will he apply the rule from a certain date e.g. April 2014 or November 2014 (two random months I have chosen). I am wandering if this will apply to London only.

It was also in the newspaper this morning.

ConfusedofYorkshire

If it applied to London only I think he'd make himself even more unpopular than he already is. Honestly, sometimes I wonder if people realise the rest of the country exists.

There was a thread on this yesterday, the conclusion was no one knows. Though there was speculation that announcing such measures but not implementing them straight away may lead to people pulling out of deals so not a great idea.

McBozo

I'd plan for the worst and have a nice surprise if something changes which I seriously doubt it considering how nuts the market has gone in the last few months.

SG27

I very much doubt either of those will be introduced. The housing market hardly needs any extra stimulus at the moment. In fact I would be very surprised if some of the existing stimulus is reduced. Like help to buy for example.

w00519772

ConfusedofYorkshire wrote: »

If it applied to London only I think he'd make himself even more unpopular than he already is. Honestly, sometimes I wonder if people realise the rest of the country exists.

There was a thread on this yesterday, the conclusion was no one knows. Though there was speculation that announcing such measures but not implementing them straight away may lead to people pulling out of deals so not a great idea.

Thanks. I am not buying in London. Do you have a link to the other thread?

ConfusedofYorkshire

SG27 wrote: »

I very much doubt either of those will be introduced. The housing market hardly needs any extra stimulus at the moment. In fact I would be very surprised if some of the existing stimulus is reduced. Like help to buy for example.

Maybe in London. In the rest of the UK some places are doing pretty well. In some places nothing Is shifting.

ConfusedofYorkshire

w00519772 wrote: »

Thanks. I am not buying in London. Do you have a link to the other thread?

Here you go https://forums.moneysavingexpert.com/discussion/4922266

I'm keeping my fingers crossed too but not getting my hopes up too high:beer:

lynneinjapan

Interesting! Stamp duty reform would be nice - not to mention eminently sensible - even if it's just restructuring it so that it's similar to income tax (for example first £100K tax free, 1% on anything over £100K up to £200K, 3% for the next £200K, etc.).

If this was announced, would it come in with the new tax year, i.e. on 6th April? We're due to complete on a house on 4th April and I'm wondering whether it would be helpful to get exchange delayed by a couple of days.

Here's a link to the Telegraph's speculation on the subject (about a third of the way down the page): http://www.telegraph.co.uk/finance/budget/10695106/When-is-the-Budget-2014.html

Edit: Just read the other thread - the answer to my question seems to be "could be any time".

SG27

ConfusedofYorkshire wrote: »

Maybe in London. In the rest of the UK some places are doing pretty well. In some places nothing Is shifting.

Yes true but if you take the market as whole even if excluding London it rising quite steadily. Probably too quickly to be honest!

[Deleted User]

Get rid of HTB, re-adjust Stamp Duty to above mentioned ideas for me...

[Deleted User]

Lets be honest he's not going to change a thing as its too much of a cash cow, welcome to Rip-Off Britain where the working man is shafted daily...