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Stamp Duty - will the new chancellor abolish it?
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This is interesting. We should be ready to exchange and complete at some point in March. I'm worried about an issue if the liability falls on the seller (not to me, my buyer is exempt as FTB) but it'd save me £15k. What about exchanging before March 11 and completing after?
Likelihood of the rule detailing when you exchange?0 -
From what I can see, it’s the completion date that matters for the tax and not exchange. I’m not 100% certain but that’s what legal types have suggested to me.0
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From what I can see, it’s the completion date that matters for the tax and not exchange. I’m not 100% certain but that’s what legal types have suggested to me.
A bit of both - there are usually transitional arrangements so that e.g. if increased rates are announced between exchange and completion, you can opt to pay at the lower rates on the basis that's what you budgeted for.0 -
That is music to my ears. Regional price caps should have come in a long time ago! Better late than never I suppose.
600k for a pokey 4 bed new build in Macclesfield! HahaRetired_Mortgage_Adviser wrote: »It's not getting abolished. The current scheme ends in April 2021 and is replaced by a modified version. The HTB scheme will still exist, but will be limited to FTBs and regional price caps will be introduced.
The below table is as announced in the October 2018 budget, but not sure if it's provisional or final. I would expect there to be intense lobbying going on behind the scenes to move the caps upwards.
For instance, if an HTB price cap of around 225-230k comes in in the north, developers will struggle to sell these kind of properties at the prices they currently fetch.
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