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Massive stamp duty changes!! In place midnight tonight

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Comments

  • pinkteapot
    pinkteapot Posts: 8,044 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    pickles13 wrote: »
    I have just heard the tail end of this on the news. We are about to make an offer of the asking price of £275000. Is anyone able to work out how much stamp duty we would pay please? My (over-excited, rushed) working out of this brings it down to £3750? Down from about £8K? That can't be right, can it?

    Previously: 3% of £275k = £8,250
    Now: 2% of £125k plus 5% of £25k = £3,750

    So, spot on! But your seller will have done the maths and might use it to push you higher. ;)
  • PurplePow
    PurplePow Posts: 1,151 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    pickles13 wrote: »
    I have just heard the tail end of this on the news. We are about to make an offer of the asking price of £275000. Is anyone able to work out how much stamp duty we would pay please? My (over-excited, rushed) working out of this brings it down to £3750? Down from about £8K? That can't be right, can it?

    That's correct! :beer:
  • DRP
    DRP Posts: 4,287 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    pinkteapot wrote: »
    Previously: 3% of £275k = £8,250
    Now: 2% of £125k plus 5% of £25k = £3,750

    So, spot on! But your seller will have done the maths and might use it to push you higher. ;)

    damn right he will! I would :money:
  • BlaEm
    BlaEm Posts: 213 Forumite
    gazter wrote: »
    Trebles all round! Congrats. It's like getting a scratch card win of 4k!!

    Too right, Gazter - especially having had a fraught year of gazumpings, fall throughs and massive delays. 7 month wait has paid off :)
  • pickles13
    pickles13 Posts: 157 Forumite
    Thank you. I doubt my seller would but I am sure she will be suitably advised by the estate agent!
  • jellynose
    jellynose Posts: 475 Forumite
    I am due to sign contracts next week. This means a saving of £620, fab :beer:
    Jellynose
  • TrixA
    TrixA Posts: 452 Forumite
    Tenth Anniversary 100 Posts Name Dropper
    I can't believe it, we just completed on Friday, and would have saved £1600 under new rules :( If there'd been any inkling this was on the cards we'd have waited and completed a week later.

    While the changes seem a step in the right direction, stamp duty remains an unfair tax on London and the SE. In fact the changes seem likely to hit this area even harder.
  • TheCyclingProgrammer
    TheCyclingProgrammer Posts: 3,702 Forumite
    Ninth Anniversary 1,000 Posts Photogenic
    We haven't yet exchanged but this is going to save us £4k. What a result.
  • pinkteapot
    pinkteapot Posts: 8,044 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 3 December 2014 at 2:06PM
    Hoploz wrote: »
    Sorry! The figures you quoted above, pinkteapot, do not match what's on the government website ... I just had a panic and went to HMRC to check as by the figures in your quote it would have cost an additional £30,000 for my recent transaction!

    That'll teach me to copy and paste from the Telegraph! Sorry for causing panic. I've edited my post on p1 with the correct bands. :)
  • bouicca21
    bouicca21 Posts: 6,725 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Completed in August, so 3 grand for me Sartois. Ouch.
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