Stamp duty holiday ?

eidand

jimmyjammy001 said:

All that is going to happen is sellers/estate agents will just increase the house price as they know buyers do not have to pay stamp duty and will add it into the house prices, second steppers will be competing with each other, so instead of paying tax to the government to pay off our huge debt you will be paying to a private individual who is probably already making a huge profit on their house. 

good luck with that, the value of a house does not increase because of it and those who do think like that will probably notice theirs is staying on the market forever.

rmd91

I live in Wales and we have different stamp duty thresholds to England. Would the stamp duty holiday impact all of the UK or will devolved governments have to introduce their own, if they so wish?

grumiofoundation

rmd91 said:

I live in Wales and we have different stamp duty thresholds to England. Would the stamp duty holiday impact all of the UK or will devolved governments have to introduce their own, if they so wish?

As its a devolved tax I believe the Welsh (and Scottish) governments would have to bring in their own legislation.

How much pressure England bringing in a holiday would have I don't know...?

Currently Wales does not get FTB stamp duty relief, but has a higher threshold of paying 0%, so the Welsh government seemingly aren't too concerned with equalising with England. 

davidmcn

rmd91 said:

I live in Wales and we have different stamp duty thresholds to England. Would the stamp duty holiday impact all of the UK or will devolved governments have to introduce their own, if they so wish?

LTT and LBTT are entirely a matter for the Welsh and Scottish governments.

Steve_KCS

davidmcn said:

rmd91 said:

I live in Wales and we have different stamp duty thresholds to England. Would the stamp duty holiday impact all of the UK or will devolved governments have to introduce their own, if they so wish?

LTT and LBTT are entirely a matter for the Welsh and Scottish governments.

If this is implemented in England and NI and not in Wales or Scotland there would be uproar. 

Sibbers123

It appears a SDLT holiday will be announced. I have generally agreed with the chancellors other announcements (except the BBL) but this SDLT holiday is so economically stupid.

You are going to get a mad rush for people buying, pushing prices up temporarily. Once the holiday ends, property transactions will fall off a cliff edge, meaning property prices falling and leaving many in negative equity.

They should leave the property market alone, or maybe a slight but permanent reduction in SDLT. Property prices are not that volatile. Let them fall by 5-10% now (it will soon recover) rather than 10-20% once the SDLT holiday ends.

Andyjp1

Well it appears the announcement will be tomorrow, I do feel that the announcement (if there is one) about stamp duty needs to be enforced from the off, like many have said on here, leaving it until the autumn could really backfire and put a big hold on the property market and its general purpose and goal of introducing it.

To the other question, im moving into another house rather than owning two properties.

Andyjp1

It’s time to party!
thats the new bathroom
and hot tub sorted 

Marvel1

rmd91 said:

I live in Wales and we have different stamp duty thresholds to England. Would the stamp duty holiday impact all of the UK or will devolved governments have to introduce their own, if they so wish?

Anything like the COVID-19 announcements, I'm guessing it's just England.

daivid

I cannot see how a stamp-duty holiday would benefit the 'right people' over the 'wrong people' and as either way it would not benefit me at all I believe it to be completely unfair .

As many have pointed out if it is going to happen it needs to be immediately. I think it should only be for primary residences and be targeted only at the lower end of the 'ladder' to get things started but that in itself is near impossible for a national policy, the bottom of the ladder in London (and other metropolitan areas) equates to a nice house near me (a potential 'forever home' to use the awful phrase). If it goes ahead I wouldn't be at all surprised to see a policy that benefits primarily those who never needed help in the first place (lust like the help to buy ISA did in my opinion).