Stamp duty Holiday

GoodBottleOfWine

Announced by the Chancellor this lunchtime. Fully understand no stamp duty for properties up to £500000. If a property is  sold for say £550000 would you still may the same as now or only on the £50000 over the £500000 limit

[Deleted User]

Full details have not been published, they are due to be published this afternoon. My presumption from the way the announcement was worded was that for purchases over £500,000 normal stamp duty will apply, so for a property of £501,000 current stamp duty calculations would apply. 

Caz3121

https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates

[Deleted User]

Caz3121 said:

https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates

On that basis I was incorrect, the first £500k is exempt, the sliding scale then applies above £500k.

GoodBottleOfWine

By my calculations previously on buying a property for £550000 I would have paid £17500. Under the stamp duty holiday I would only pay £2750. A saving of £14750. Is my understanding and calculation correct.

Caz3121

GoodBottleOfWine said:

By my calculations previously on buying a property for £550000 I would have paid £17500. Under the stamp duty holiday I would only pay £2750. A saving of £14750. Is my understanding and calculation correct.

would have paid £17,500 is correct
new amount would be £50k @ 5% = £2,500....saving of £15k

charliec67

I negotiated for my developer to pay my stamp duty on a new build so that I would pay £400K for the house rather than £395K. Does anyone know where do I stand now that stamp duty has been waived for this purchase?

Jeremy535897

It will depend on the terms of the contract. You could always ask for a reduction anyway, even if it is not helpful.