Stamp Duty Holiday - Back Dated?

MobileSaver

firstTimeBuyerPaidDuty said:

They should have not opened the market on the 13th of May and punish the ones that went ahead in that short space of time given the circumstances

Stop being so melodramatic! No-one was punished. Anyone who purchased a property before 8th July paid Stamp Duty as usual; paying the same as everyone else has always done is not being punished and claiming it is does not help your cause.

I support the chancellor incentivising future house buyers who may otherwise hold back because they are unsure what the future may bring but I do not support freebie windfalls to those who bought prior to that date either because they had to or simply wanted to; I won't be signing any petition.

jon81uk

maple33977 said:

I completed at 4.30pm on the 7th July and paid 10k in stamp duty. I understand there has to be a cut off and I am not disputing that but I feel really annoyed that my solicitors didn't mention anything to me that day or on Monday that the holiday was a possibility. Maybe they didn't know but I find that hard to believe having now researched it - it was all over the news as a very strong rumour on Monday (which I had no idea about prior to completing). Is this a negligence of duty on their part?

I heard about the potential of a stamp duty change on the news on Monday, maybe even Sunday. It was quite clear on BBC news on TV and the web that something was being announced on Wednesday. Your solicitor has no obligation to pay attention to the news, just enact the rules once they come in, if you managed to miss the news its quite likely they missed it too.
It is very unfortunate for you, but I am very surprised you didn't see it in the news on Monday/Tuesday before the announcement on Wednesday.

SpiderLegs

firstTimeBuyerPaidDuty said:

SpiderLegs said:

firstTimeBuyerPaidDuty said:

I am just saying that first time buyers who have very recently bought a property are much more likely to spend that money and circulate it back in the economy.

You can sleep safely in the knowledge that the government will be spending your money instead. 

Why are people on this forum so mean? How would you like it if this happened to you? Just don't comment anything if you have nothing useful or nice to people. It's enough that the government is mean to us but to have from other people as well -shame on you. We are not rich. We are hard working tax payers just like the ones who will complete on properties on the 8th of July instead of 7th. We isn't it in your best interest as well to implement things in fairness. That should be the goal. To create a compassionate and fair society. You are failing in both and I don't want to hear from you again until you've gone away and reflected on the things you said.

Thank you for your kind words. I have gone away for a bit and reflected. I feel much better now thank you.

I will comment though as my opinion is just as relevant as yours. There is no filter on this forum which specifies everyone has to agree or be sympathetic with another poster. Thank God.
i do find it funny that before July 8th many people could apparently happily afford to buy their new house and yet now some of them are now eating out of bins just to survive. Many of them suggest they only bought these houses to help keep the economy going in times of crisis, but now they have forgotten about their moral compass and just want some cash back.

of course, it should be noted that this change is one that disproportionately benefits people who can already afford higher than average houses. Maybe in a compassionate and fair society we should chuck that money towards helping people who want to really buy a house but are struggling to raise a deposit?  Or we could use it to help current lower income buyers reduce their LTV even further and give them less debt and more disposable income? I don’t know, just my worthless ramblings...

I have heard that some of those people are also ‘hard working taxpayers’

jimbog

Some of that Stamp Duty will be going to the NHS

jimbog

SpiderLegs said:

firstTimeBuyerPaidDuty said:

SpiderLegs said:

firstTimeBuyerPaidDuty said:

I am just saying that first time buyers who have very recently bought a property are much more likely to spend that money and circulate it back in the economy.

You can sleep safely in the knowledge that the government will be spending your money instead. 

Why are people on this forum so mean? How would you like it if this happened to you? Just don't comment anything if you have nothing useful or nice to people. It's enough that the government is mean to us but to have from other people as well -shame on you. We are not rich. We are hard working tax payers just like the ones who will complete on properties on the 8th of July instead of 7th. We isn't it in your best interest as well to implement things in fairness. That should be the goal. To create a compassionate and fair society. You are failing in both and I don't want to hear from you again until you've gone away and reflected on the things you said.

I have heard that some of those people are also ‘hard working taxpayers’

Why isn't it enough just to be a tax payer and not have to be a hardworking one too?

davidmcn

jimbog said:

SpiderLegs said:

firstTimeBuyerPaidDuty said:

SpiderLegs said:

firstTimeBuyerPaidDuty said:

I am just saying that first time buyers who have very recently bought a property are much more likely to spend that money and circulate it back in the economy.

You can sleep safely in the knowledge that the government will be spending your money instead. 

Why are people on this forum so mean? How would you like it if this happened to you? Just don't comment anything if you have nothing useful or nice to people. It's enough that the government is mean to us but to have from other people as well -shame on you. We are not rich. We are hard working tax payers just like the ones who will complete on properties on the 8th of July instead of 7th. We isn't it in your best interest as well to implement things in fairness. That should be the goal. To create a compassionate and fair society. You are failing in both and I don't want to hear from you again until you've gone away and reflected on the things you said.

I have heard that some of those people are also ‘hard working taxpayers’

Why isn't it enough just to be a tax payer and not have to be a hardworking one too?

No idea. I get away with being spectacularly lazy but I still pay higher rate tax.

maple33977

jon81uk said:

maple33977 said:

I completed at 4.30pm on the 7th July and paid 10k in stamp duty. I understand there has to be a cut off and I am not disputing that but I feel really annoyed that my solicitors didn't mention anything to me that day or on Monday that the holiday was a possibility. Maybe they didn't know but I find that hard to believe having now researched it - it was all over the news as a very strong rumour on Monday (which I had no idea about prior to completing). Is this a negligence of duty on their part?

I heard about the potential of a stamp duty change on the news on Monday, maybe even Sunday. It was quite clear on BBC news on TV and the web that something was being announced on Wednesday. Your solicitor has no obligation to pay attention to the news, just enact the rules once they come in, if you managed to miss the news its quite likely they missed it too.
It is very unfortunate for you, but I am very surprised you didn't see it in the news on Monday/Tuesday before the announcement on Wednesday.

I know I am so annoyed with myself. I was so stressed with sorting everything to get it over the line (as it was going to cost me about another £300 in removal fees if I didn't complete that day) that I wasn't looking at the news at all in the days running up. Such sod's law! 

bravotango

I think life always has it's ups and downs to be fair.

I'm happy that I'm in the camp that will be paying less stamp duty, but I do know there is a very high chance I will be paying for that one way or another in the next few years (much higher taxes, etc, etc), and so we reach an equilibrium of what I gain in one hand they will take away in another.

To give some context about being unfair is the rise in house prices acrss the country. Example, my parents bought their house about 30 years ago for just under £20,0000 and now it is valued at just over £1.3 million pounds (it's in London). As a FTB, I'm annoyed that house prices have shot up so much as it doesn't help anymore who is trying to first get on the housing ladder, especially in London.

Another example is the HTB ISA. I can't claim on the HTB ISA for the bonus as the house prices in a nicer part of London is outside of the confines of their maximum price (max. £450,000), and so it is frustrating I cannot claim for the 25% bonus of the amount I have saved up.

However, it's very easy to get bogged down in all of this, and also all the other things I might have missed out on (certain tax breaks, government grants, etc, etc). You just have to take it on the chin it wasn't your day, and one day (whenever that might be) you'll get a bit of luck too (for me, I'm in the middle of buying my first property with £60,000 taken off the asking price and getting on the housing ladder )

cybervic

firstTimeBuyerPaidDuty said:

They should have not opened the market on the 13th of May and punish the ones that went ahead in that short space of time given the circumstances. Or they should have done it immediately opening the market.

I totally understand you felt gutted missing out the opportunity, but you weren't punished, you just didn't get lucky. We could all do with some extra money especially at times like this. Try eat out more in August if you want to get some benefit from governments scheme.

Marvel1

firstTimeBuyerPaidDuty said:

SpiderLegs said:

firstTimeBuyerPaidDuty said:

I am just saying that first time buyers who have very recently bought a property are much more likely to spend that money and circulate it back in the economy.

You can sleep safely in the knowledge that the government will be spending your money instead. 

How would you like it if this happened to you? 

Bought in 2007 at peak, crash in housing, to date not recovered.