Boris stamp duty changes - if they happen, when?

pinkteapot

Seen the reports that Boris might scrap stamp duty on purchases up to £500k, possibly in a September budget.

Based on previous stamp duty changes, when do we guess that change might be effective once announced?

We're in the process of buying a new-build near that threshold so have budgeted for a significant stamp duty bill. We'll likely be ready to exchange in the next month or so, and the build is currently estimated to be complete somewhere between end Sept and end Oct.

If that change happens, will it only be completion date that matters? I.e. if we've already exchanged but completion happens after would we benefit?

I know we can only guess based on previous changes but if anyone can remember those that'd be great...

Doozergirl

It's completion that matters.

davidmcn

There is generally a transitional period for people already stuck in a contract i.e. they can opt to use either the old or the new rules. Otherwise, these things take effect (usually) as soon as they are announced, if you haven't already exchanged.

As I've said elsewhere, however, the likelihood of Boris actually doing anything he's said he would is a rather different question...

pinkteapot

davidmcn wrote: »

As I've said elsewhere, however, the likelihood of Boris actually doing anything he's said he would is a rather different question...

I tend to agree so I'm not mentally spending the money. Still, we won't hurry the builders along, just in case!

LawAbiding

Finger's crossed for me! My completion may be in September/October!

Soot2006

Feels like I'm gambling £13,000 ... Hoping to complete end August on a large chain ... now pondering delays. It feels like better odds than a lottery ticket!

muhandis

Well if you’re having these thoughts, it stands to reason that others in the chain might as well...does not bode well for long chains.

Soot2006 wrote: »

Feels like I'm gambling £13,000 ... Hoping to complete end August on a large chain ... now pondering delays. It feels like better odds than a lottery ticket!

Soot2006

muhandis wrote: »

Well if you’re having these thoughts, it stands to reason that others in the chain might as well...does not bode well for long chains.

Indeed. I'm sort of hoping someone higher up the chain might mention it first, so I can just go along with someone else's delay. It's not insignificant money. But our FTP isn't paying stamp duty and may be less willing to wait. I could give them some of our saved money, unless of course the change doesn't happen and everyone ends up having waited for nothing.

Crashy_Time

He knows he is going to do a Hard Brexit, he knows house prices and transactions are a cruical part of the economy (for the banks) and he knows that you can manage expectations, or at least hold off bad things by Jawboning (Carney on interest rates for example) this is part of the hot air campaign to ease us out of the EU in the least panicked fashion possible IMO.

muhandis

Yeah, I think I saw another thread with someone on the hook for 30k stamp duty who’s having second thoughts. Quite natural.

Soot2006 wrote: »

Indeed. I'm sort of hoping someone higher up the chain might mention it first, so I can just go along with someone else's delay. It's not insignificant money. But our FTP isn't paying stamp duty and may be less willing to wait. I could give them some of our saved money, unless of course the change doesn't happen and everyone ends up having waited for nothing.

PasturesNew

He "might", but, politicians are known to toss things about - and if there's any benefit to regular citizens then it'd be something like making the stamp duty different from the year XYZ in the future, by which time they hope you've forgotten.

As it is, the chump's thrown meaningless and pointless words into the air and has the potential to further upset the market. Should've kept his chompy lips shut until he actually had a plan and maybe just whipped it out on Budget Day with immediate effect from midnight the night before.