Stamp Duty - Imminent Exchange

pimento

Surrey_EA wrote: »

It's a nice idea, but the £9/10 billion that stamp duty brings in will then have to come from somewhere else.

Perhaps they could collect tax from Vodafone and Amazon?

Or Philip Green.

Surrey_EA

pimento wrote: »

Perhaps they could collect tax from Vodafone and Amazon?

Or Philip Green.

That would certainly be a good start! :T

pinkteapot

I know I’m in the minority but I have no issue with the tax paid by these companies. They’re not doing anything illegal. They’re using the limits of the tax rules to pay as little as possible. We as individuals all do the same. Look at the tax board on here. Who’d sign up to voluntarily pay more income tax?

The rules need to change.

Yorkshireman79

Sorry, did you read my post. I've got no intention of stringing our buyer in with my decision. I'll move into rented as outlined above. Just interested to understand other people's position.

Yorkshireman79

unforeseen wrote: »

If you are not sure then don't keep your buyers hanging about. Withdraw your house from the market and wait until there are conditions that you like before marketing again.

Don't string people along because of your indecisiveness. It's not fair on them to be lumbered with a ditherer.

Sorry, did you read my post. I've got no intention of stringing our buyer in with my decision. I'll move into rented as outlined above. Just interested to understand other people's position

freeof1

Just dropping in here to give our experience.


We're FTB in the South East and have been searching for around 3 months. Just had an offer accepted on Monday of 725k (I appreciate this is higher than lots of other FTBers) and are hoping to complete in the next 6-8 weeks. Our stamp duty bill is just over £25k!


However with this report we really need to put the brakes on things and get some more certainty before proceeding.


I get what you're saying that it's irresponsible to discuss it publically, but frankly if it turns out to come to pass I'll be delighted he revealed it now rather than the day after we exchange!

unforeseen

Yorkshireman79 wrote: »

Sorry, did you read my post. I've got no intention of stringing our buyer in with my decision. I'll move into rented as outlined above. Just interested to understand other people's position

I don't see the problem.

They want in ASAP. You want shot of the house ASAP in case SD changes to your detriment so just go for it. Stay in rented until the SD question is decided. If it does change to seller then you've won. If it doesn't then you are no worse off.

Did it really need a thread to ask people about it.

ethank

I think this completely ridiculous and is going to push up house prices even more.

By all means save on a bit of stamp duty, but don't be surprised if your buyer tries to renegotiate, particularly if the change now means they have to pay!

muhandis

Great idea. Flat 1% on houses up to a certain limit which covers 95% of all transactions. Paid by both seller and buyer.

buglawton wrote: »

I think it should be a flat 1% no ifs buts special exceptions. The missing £BNs will be easily made up by the economic uptick it'll allow. House transactions will probably double. Workers move house for a new job, higher productivity. Commuters swap house to be nearer work - environmental win, higher productivity, easier childcare. Elderly will finally decide to downsize, ease housing shortage.

pimento wrote: »

Perhaps they could collect tax from Vodafone and Amazon?

Or Philip Green.

maisie_cat

freeof1 wrote: »

Just dropping in here to give our experience.


We're FTB in the South East and have been searching for around 3 months. Just had an offer accepted on Monday of 725k (I appreciate this is higher than lots of other FTBers) and are hoping to complete in the next 6-8 weeks. Our stamp duty bill is just over £25k!


However with this report we really need to put the brakes on things and get some more certainty before proceeding.


I get what you're saying that it's irresponsible to discuss it publically, but frankly if it turns out to come to pass I'll be delighted he revealed it now rather than the day after we exchange!

both the selling price of your house and your own budget assumed that you would pay the SD. If it changes, and I'd be surprised if the change is quick, then the seller passing onto you will have no impact whatsoever. If the change happens a comparable house will cost £25k more.
This really has not been thought through.
This will impact many things, for example anything that uses a house valuation including mortgages because the cost of disposal is so much higher for the lender in a repossession situation.