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Stamp duty cut from today
Comments
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So if I was purchasing a property worth £325k (outside London), does that mean I would only be paying the 5% on the remaining £25k?I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0
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Candyapple wrote: »So if I was purchasing a property worth £325k (outside London), does that mean I would only be paying the 5% on the remaining £25k?
This is correct.[STRIKE]1/12/16 - £152,599.00 [/STRIKE]
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.370 -
What happens if we are completing today? Is it literally to the second, or any time since 00:00 22/11/17?0
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Clarification here;-
https://www.gov.uk/stamp-duty-land-taxYou must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland.
The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties.
There are different rules if you’re buying your first home. You get a discount (relief) that means you pay less or no tax if both:
you complete your purchase on or after 22 November 2017
the purchase price is £500,000 or lessI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
MobileSaver wrote: »That's not quite true... it's great news for those moving up who are also selling properties suitable for FTBs of course (as those FTBs will now find it easier to buy.)
All in all good news for the UK housing market but somehow I don't think the HPC crowd will quite see it that way.
A valid point, but little comfort for home owners wishing to move up the ladder & have found themselves trapped due to stagnant wage growth and soaring prices.
As a previous homeowner looking to purchase again within the next few months it is a disappointing technicality.0 -
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It's such a miniscule amount when you are talking about such a huge amount needed to buy a home. Nothing to get excited about I'm afraid.0
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It's such a miniscule amount when you are talking about such a huge amount needed to buy a home. Nothing to get excited about I'm afraid.
I'd disagree, I had to pay £2k extra (had to find it as didn't factor it in) to purchase our house.
that 2k could've gone to furnishing. It's a massive deal to FTB.[STRIKE]1/12/16 - £152,599.00 [/STRIKE]
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.370 -
lincroft1710 wrote: »Obviously, but if Hammond is giving something, from where is he taking extra to make up the deficit.
The Government borrows to fund the annual budget deficit. Simply borrow for longer.
Makes a headline for the media to chew on.0 -
Revised from earlier.kingstreet wrote: »FTB purchases upto £300k exempted.
FTB purchases in higher-priced areas like London, first £300k of upto £500k exempted.
Apologies. Was trying to work at same time and mis-heard.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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