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Deprived areas and stamp duty on second homes

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ps2659
ps2659 Posts: 534 Forumite
Part of the Furniture 100 Posts
in House buying, renting & selling
Is the 3% extra stamp duty payable if you purchase a second home in a deprived area.?
«1

Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    ps2659 wrote: »
    Is the 3% extra stamp duty payable if you purchase a second home in a deprived area.?

    Yes...but depends on purchase price. How much is the property?
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • marksoton
    marksoton Posts: 17,516 Forumite
    ps2659 wrote: »
    Is the 3% extra stamp duty payable if you purchase a second home in a deprived area.?

    Why ever would it not be!????
  • ps2659
    ps2659 Posts: 534 Forumite
    Part of the Furniture 100 Posts
    HappyMJ wrote: »
    Yes...but depends on purchase price. How much is the property?


    Asking price is offers over £120,000
  • Bluebirdman_of_Alcathays
    Bluebirdman_of_Alcathays Posts: 2,859 Forumite
    Define deprived?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    marksoton wrote: »
    Why ever would it not be!????

    I presume the question is because there used to be a stamp duty concession for purchases in disadvantaged areas - all abolished in 2013 though.
  • ps2659
    ps2659 Posts: 534 Forumite
    Part of the Furniture 100 Posts
    Bluebirdman_of_Alcathays wrote: »
    Define deprived?



    Deprived areas have stamp duty 'abolished' - December 2001 / January 2002

    Stamp duty has been abolished on house sales of up to £150,000 in the country's most deprived areas. The announcement, effective as of 30 November, came in the Chancellor's November pre-Budget statement.In all almost 2,000 wards are affected (a helpline oper ates on 0845 603 0135 for information on which areas qualify), just under one in five of the total number of wards. The largest number qualifying for exemption are in the north west (281, including 30 in Manchester, 28 in Liverpool, nine in Oldham, seven in Preston and eight in Rochdale) followed by London (233) and the north east (209).
  • Bluebirdman_of_Alcathays
    Bluebirdman_of_Alcathays Posts: 2,859 Forumite
    ps2659 wrote: »
    Deprived areas have stamp duty 'abolished' - December 2001 / January 2002

    Stamp duty has been abolished on house sales of up to £150,000 in the country's most deprived areas. The announcement, effective as of 30 November, came in the Chancellor's November pre-Budget statement.In all almost 2,000 wards are affected (a helpline oper ates on 0845 603 0135 for information on which areas qualify), just under one in five of the total number of wards. The largest number qualifying for exemption are in the north west (281, including 30 in Manchester, 28 in Liverpool, nine in Oldham, seven in Preston and eight in Rochdale) followed by London (233) and the north east (209).
    Crikey - no wonder I'd never heard of it. 2001!

    Still seems a little perverse - £150k would have bought you a very, very nice house back then.
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    ps2659 wrote: »
    Asking price is offers over £120,000

    Reason I asked is that purchases under £40k which could be found in a deprived area wouldn't have the extra 3% SDLT as they don't get reported to HMRC.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Ian011
    Ian011 Posts: 2,432 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    ps2659 wrote: »
    ... a helpline operates on 0845 603 0135 ...
    The helpline closed a long time ago.
  • Dan-Dan
    Dan-Dan Posts: 5,278 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    ps2659 wrote: »
    Is the 3% extra stamp duty payable if you purchase a second home in a deprived area.?

    Hopefully :beer:
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
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