MSE News: Stamp duty to undergo massive overhaul: Autumn Statement 2014

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Stamp duty to undergo massive overhaul: Autumn Statement 2014

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  • El_TorroEl_Torro Forumite
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    Looks a lot fairer to me, so I'm in favour.

    The new rates for Scotland look pretty extreme. 10% for above £250k! Though I guess £250k will get you more in Scotland than in London.
  • edited 3 December 2014 at 5:32PM
    pinkteapotpinkteapot Forumite
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    edited 3 December 2014 at 5:32PM
    It gets rid of those ridiculous breaks in the market, where you couldn't previously sell a house for £125-135k, £250-270k or £500-525k. This is long overdue. A tax should never distort a market in this way.

    Everyone buying for less than £937,500 will pay the same or less. Most people buying for more than £937,500 (only 2% of transactions) will pay more. Populist move ahead of the election but one I personally have no problem with.
  • edited 4 December 2014 at 12:28AM
    yarimelfyarimelf Forumite
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    edited 4 December 2014 at 12:28AM
    Is there any way we could claim our money back from the stamp duty cut as I personally lost £1500 with only 2 days!!! I don't think it is fair because if I had known this by 21st November than I would set the completion date to be 4th December not 28th November... Really angry..
  • googlergoogler Forumite
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    El_Torro wrote: »
    Looks a lot fairer to me, so I'm in favour.

    The new rates for Scotland look pretty extreme. 10% for above £250k! Though I guess £250k will get you more in Scotland than in London.

    Pardon my sarcasm, but ... gee, you think?

    London - http://www.rightmove.co.uk/property-for-sale/property-46877906.html

    Scotland - http://www.espc.com/properties/details.aspx?pid=333748&sid=33784702867

    At least the folks in London only have one change to worry/celebrate/moan about. The Scottish Govt already had plans to replace SDLT in April 2015, so we have to put up with this change for four months or so, then change again.
  • ANGLICANPATANGLICANPAT Forumite
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    yarimelf wrote: »
    Is there any way we could claim our money back from the stamp duty cut as I personally lost £1500 with only 2 days!!! I don't think it is fair because if I had known this by 21st November than I would set the completion date to be 4th December not 28th November... Really angry..

    Shouldnt think so. Its a real pain that , enough to make you spit, Always feel sorry too for the person next door to a border where one side prescriptions/N.Homes are free and the other side you pay, or people where their birthday is just the wrong side of a date which would have seen them with a much improved pension , or like the parents who live 10yds outside the catchment area of the best school , or people who bought a rubbish annuity just before they relaxed the rules . Really annoying, but thats life innit !!
  • kidmugsykidmugsy Forumite
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    El_Torro wrote: »
    Looks a lot fairer to me, so I'm in favour.

    The new rates for Scotland look pretty extreme. 10% for above £250k! Though I guess £250k will get you more in Scotland than in London.

    Not so much in Aberdeen.
    Free the dunston one next time too.
  • kidmugsykidmugsy Forumite
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    yarimelf wrote: »
    Is there any way we could claim our money back from the stamp duty cut as I personally lost £1500 with only 2 days!!! I don't think it is fair because if I had known this by 21st November than I would set the completion date to be 4th December not 28th November... Really angry..

    When you calm down, I suggest you reflect on your complaint until you realise quite how stupid it is.
    Free the dunston one next time too.
  • thelemthelem Forumite
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    yarimelf wrote: »
    Is there any way we could claim our money back from the stamp duty cut as I personally lost £1500 with only 2 days!!! I don't think it is fair because if I had known this by 21st November than I would set the completion date to be 4th December not 28th November... Really angry..

    If there was, then it would just mean someone else would get angry. e.g. if they gave a month's grace, then people who completed on 3rd November would be saying they could have delayed by a day.

    You were happy before and nothing's really changed for you. Just be happy that when you come to buy your next home the stamp duty rates will be better.
    Note: Unless otherwise stated, my property related posts refer to England & Wales. Please make sure you state if you are discussing Scotland or elsewhere as laws differ.
  • yarimelf wrote: »
    Is there any way we could claim our money back from the stamp duty cut as I personally lost £1500 with only 2 days!!! I don't think it is fair because if I had known this by 21st November than I would set the completion date to be 4th December not 28th November... Really angry..

    You would have had to exchange on 3rd or later, not just complete. And imagine by this time you could have potentially lost the purchase with sellers getting annoyed, somebody else pulling out from the chain as they can afford another house now etc.

    We paid £3,900 more compared to new rules but I dont look back thinking we should have waited. I am pleased with new home and in the long run this near £4k is worth it.

    Don't think what if... I waited, what if they actually proposed different rules next year or extra relief next summer.

    Just enjoy your new home!
  • Gordon_the_MoronGordon_the_Moron Forumite
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    Good news that they've taken the cliff edges out, the Scottish proposed system seems way over the top though!
    If you don't like what I say slap me around with a large trout and PM me to tell me why.

    If you do like it please hit the thanks button.
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