Stamp duty holiday ?

Andyjp1

Hi all,

I’ve read a couple of articles this morning with regards to the government considering relaxing stamp duty in the autumn budget, this would be great wouldn’t it ? 

I’m currently at the very early stages of buying a home, which is my second so I’ll have to pay around £3400 stamp duty. 

Something I’d rather not pay!!!
If my buying process is still going through And this was actually passed through commons, how would I stand? Would I still have to pay as I’ve signed documents ?

SpiderLegs

I wouldn’t count on there being any tax giveaways in the next few budgets. Especially on something like the additional SDLT charge which is designed to be punitive.

AdrianC

The chances of ANY SDLT holiday are minimal.
The chances of one for additional purchases are somewhere slightly lower than BJ Piffle suddenly admitting that he's been talking complete codswallop for the last four years.

macman

It would be based on the exchange date-and you haven't yet exchanged. But this one isn't going anywhere.

ChloeManoey

No one needs a second home, especially when there already aren't enough to go around. Making it easier by doing away with stamp duty is not going to happen. Thankfully. 

davidmcn

Andyjp1 said:
I’ve read a couple of articles this morning with regards to the government considering relaxing stamp duty in the autumn budget, this would be great wouldn’t it ?

Not really. The government needs a vast amount of income at the moment to cover the cost of furloughing etc, so how are they going to afford this sort of tax giveaway? And why would they give it to people who already own a home?

Look at the threads here - I haven't seen anybody saying the problem they're facing at the moment is affording the SDLT.

SDLT_Geek

The Sunday Times today speculates that the Economic Statement due from the Chancellor on Wed 8 July will signal some temporary changes to the rates of SDLT at the lower end of the property market.  We will see what Wednesday brings.

greatcrested

Andyjp1 said:

.... the government considering relaxing stamp duty in the autumn budget, this would be great wouldn’t it ? 

I’m currently at the very early stages of buying a home, which is my second ...

The 2nd time you've bought a property, or you will own 2 'homes'?

No. Would not be great. Somehow the gov has to find £billions to pay for the curent crisis....

Majoggy

Right now a stamp duty cut would be absolutely daft, and I say that as someone who will have to pay the govt £6k+ next month.

danlightbulb

I think the OP means he is buying his second home, not that he will own two houses. I'd guess he didn't pay stamp duty first time round as an FTB and now will have to.

I do think stamp duty thresholds should be increased as the cut off of £125k is far too low compared to how house prices have risen.

For 2nd home owners, the rate should be lifted massively to discourage it. 20-30% of house value kind of territory. Or the alternative would be to introduce a wealth tax on 2nd homes, something which would also capture current 2nd home owners, which stamp duty changes wouldn't do. A wealth tax on property should be something of the order of 5% of property value per year.

Slithery

danlightbulb said:

I think the OP means he is buying his second home, not that he will own two houses. I'd guess he didn't pay stamp duty first time round as an FTB and now will have to.

I do think stamp duty thresholds should be increased as the cut off of £125k is far too low compared to how house prices have risen.

For 2nd home owners, the rate should be lifted massively to discourage it. 20-30% of house value kind of territory. Or the alternative would be to introduce a wealth tax on 2nd homes, something which would also capture current 2nd home owners, which stamp duty changes wouldn't do. A wealth tax on property should be something of the order of 5% of property value per year.

And where will all the tenants live when this causes LL's to sell their properties?