Stamp Duty - Autumn Statement

morwok

Hi All,

Just wondering what anyone thought might happen as there is rumors it will change. We are due to complete around the 23rd and want to delay till after this just in case. Our buying price is about 500k and would kick myself if it was reduced?

Cheers.

pawlala

Would you kick yourself more if rumours were just rumours and you missed out on your purchase?

I don't think I'd like to be in your vendor's position if I found out you were messing me about because you had a hunch I might reduce the value of the house I was stressing about selling, especially so close to the finishing line.

Sus59

http://www.telegraph.co.uk/business/2016/11/10/autumn-statement-2016-rumours-leaks-and-predictions/

Note the caveat: This article comes with the usual disclaimer regarding all rumours and leaks: they should not be considered fact until they've been uttered by Mr Hammond himself.

davidmcn

When stamp duty rates change it's the date of exchange which is more relevant - if rates go up between exchange and completion you have the option of calculating it by the cheaper method.

(or at least, that's what's happened in the past, and I very much doubt it would be different the next time).

No idea whether or not any changes are likely though.

morwok

pawlala wrote: »

Would you kick yourself more if rumours were just rumours and you missed out on your purchase?

I don't think I'd like to be in your vendor's position if I found out you were messing me about because you had a hunch I might reduce the value of the house I was stressing about selling, especially so close to the finishing line.

Jeez calm down the date of completion s a negotiation (which hasn't been agreed yet) and I think it is a very valid reason to not agree the 23rd instead of the 24th.

I know it is just rumours I am asking if people would wait?

davidmcn wrote: »

When stamp duty rates change it's the date of exchange which is more relevant - if rates go up between exchange and completion you have the option of calculating it by the cheaper method.

(or at least, that's what's happened in the past, and I very much doubt it would be different the next time).

No idea whether or not any changes are likely though.

Thanks interesting I thought the last time it went up at midnight the day it was announced and stamp duty was based on actual completion date.

agrinnall

Whoops, left my crystal ball at home today (P. Hammond)...

booksurr

morwok wrote: »

Thanks interesting I thought the last time it went up at midnight the day it was announced and stamp duty was based on actual completion date.

you think wrongly then, the change is based on the date of exchange not completion. That is the norm with tax changes based on contracts as it allows that contracts have been "substantially performed" before the tax rules changed and therefore, although not yet completed, the taxpayer should not be disadvantaged by the change given they are committed to completing on a contract they have already exchanged.

http://www.telegraph.co.uk/investing/buy-to-let/buy-to-let-stamp-duty-will-you-have-to-pay/

do you only deal in rumours? What would you do if we have a Wiskas moment and 8/10 respondents say wait? Will you really base a life decision on the ramblings of internet strangers?

morwok

booksurr wrote: »

you think wrongly then, the change is based on the date of exchange not completion. That is the norm with tax changes based on contracts as it allows that contracts have been "substantially performed" before the tax rules changed and therefore, although not yet completed, the taxpayer should not be disadvantaged by the change given they are committed to completing on a contract they have already exchanged.

http://www.telegraph.co.uk/investing/buy-to-let/buy-to-let-stamp-duty-will-you-have-to-pay/

do you only deal in rumours? What would you do if we have a Wiskas moment and 8/10 respondents say wait? Will you really base a life decision on the ramblings of internet strangers?

I actually think you are wrong the changes which are more relevant in 2014 were based on completion date. If you had exchanged prior to to the date you could choose the cheapest option.

http://www.dailymail.co.uk/news/article-2857518/Autumn-Statement-George-Osborne-asks-time-finish-job-fixing-economy.html

Why is there so much negativity I am asking opinions on a situation that is all I am and then I will decide on what to do.

pawlala

morwok wrote: »

Why is there so much negativity I am asking opinions on a situation that is all I am and then I will decide on what to do.

I hope you didn't take my comments negatively, just subjectively. I gave you one thought for yourself and one for your vendor. I'm in a similar position to you, and am relaxed about the issue. With the Tories what will be will be. Good luck

[Deleted User]

morwok wrote: »

I actually think you are wrong the changes which are more relevant in 2014 were based on completion date. If you had exchanged prior to to the date you could choose the cheapest option.

http://www.dailymail.co.uk/news/article-2857518/Autumn-Statement-George-Osborne-asks-time-finish-job-fixing-economy.html

Why is there so much negativity I am asking opinions on a situation that is all I am and then I will decide on what to do.

Only the Chancellor knows, everybody else is second guessing. Of course he could lower the rate of duty .....

booksurr

morwok wrote: »

I actually think you are wrong the changes which are more relevant in 2014 were based on completion date. If you had exchanged prior to to the date you could choose the cheapest option.

not wrong, it is precisely what i said, the change was based on the date you had exchanged

as for negativity, you are asking people to second guess and you have no idea whatsoever who these people are or how informed are their guesses, so basing a life decision on such ramblings is ill judged.