Stamp Duty Holiday - Back Dated?

Luckystarr_2

moneysavinghero said:

Luckystarr_2 said:

We completed this morning but our solicitor paid the stamp duty a few days ago so no idea if we can claim it back. If not it’s not the end of the world, we expected to pay it but with a lot of work to do on the house it would be very welcome. 

You sure they not just pocketing the Stamp Duty themselves? No need to pay stamp duty until after completion (up to 30 days after). I'd be asking your solicitor why they decided to pay it in advance.

I've just spoken to our solicitor this morning. I misunderstood her email, as we completed on our purchase at 10.30am it was before the announcement so she had submitted the forms and payment, She thinks we may be able to get a refund so I will ring HMRC today. 

EmJoe1

My husband and I moved a few weeks ago and paid 11k stamp duty. Despite the pressure and risk of moving during lock down, we had to move then as we were re-locating, he is a teacher and the schools were reopening to allow the economy to restart, and working parents to get back to work. Whilst a weekly round of applause for key workers is a nice gesture, a back-dated stamp duty holiday would be much more beneficial. I am a first time buyer but as my husband has owned before we had to pay the full rate. I also had a help-to-buy ISA which I couldn’t use as the property value was too large. In a few months when the budget is announced we will probably see ourselves struggling due to the amount of extra tax we will have to pay from our wages. I really hope the government backdate the stamp duty holiday, so those who have supported the economy and the public by moving during lock down benefit also.

EmJoe1

Ps the petition is on the petition.parliament.uk website and is petition number 310695 

Abolish Stamp Duty on all transactions during Corona Virus pandemic It seems to have been created pre yesterday’s announcement but also says it should be refunded if completed during the pandemic. It won’t let me post a link, as I haven’t been a member for long enough, but hopefully this helps

MobileSaver

EmJoe1 said:

we had to move then as we were re-locating, ... I really hope the government backdate the stamp duty holiday,

I know it is not what you want to hear but it is simply not going to happen, you need to put any thoughts of a backdated windfall out of your mind; the stamp duty holiday will not be backdated.

As you freely admit, you carried on with your purchase because you "had to." The coronavirus epidemic has wreaked havoc on the housing market by firstly bringing it to a practical standstill for three months and then by putting off many people who "want to move but don't need to" from wanting to be out and about in other people's homes right now.

The stamp duty holiday is designed as an incentive to encourage the WIBNIF people to start seriously looking to buy houses again and so help kickstart the economy back to something like normality. It's a great move from the chancellor and is a win:win for both buyers and sellers; the only losers are the crashaholics who had convinced themselves an almighty property crash was finally on its way and there was nothing anyone could do to stop it.

payingtaxesforfun

eidand said:

payingtaxesforfun said:

Absolutely devastated. Kept our chain going under the motto of supporting the UK economy and because it felt like the right thing to do so ended up completing at the end of May after the market re-opened. The government's reward is a £15k tax bill. Depressing.

let's be fair, you did not buy a property to support the economy.  You bought it because that made sense to you and your personal circumstances. Everyone has to pay that tax, except for a limited number of transactions which manage to complete in the next 6 months. There's no rip off here.

Sure needing a house is the primary reason but I genuinely felt pulling out felt wrong even though I thought that was the smart thing to do at the time. I do think it's unfair treatment as essentially anyone who purchased a home post lockdown has taken a huge risk but only some of them, probably the most opportunistic bunch, are the ones being rewarded.

Wkmg

payingtaxesforfun said:

eidand said:

payingtaxesforfun said:

Absolutely devastated. Kept our chain going under the motto of supporting the UK economy and because it felt like the right thing to do so ended up completing at the end of May after the market re-opened. The government's reward is a £15k tax bill. Depressing.

let's be fair, you did not buy a property to support the economy.  You bought it because that made sense to you and your personal circumstances. Everyone has to pay that tax, except for a limited number of transactions which manage to complete in the next 6 months. There's no rip off here.

Sure needing a house is the primary reason but I genuinely felt pulling out felt wrong even though I thought that was the smart thing to do at the time. I do think it's unfair treatment as essentially anyone who purchased a home post lockdown has taken a huge risk but only some of them, probably the most opportunistic bunch, are the ones being rewarded.

Anyone who does anything before a beneficial tax change loses out. That's the nature of a dynamic tax system. This tax cut is not a reward for doing the right thing. It's an incentive to encourage people to buy and sell houses. You clearly didn't need any encouragement. 

onthemend88

Look on the bright side, you don't live in Wales or Scotland where this does not apply to us at all 

Jessieh

payingtaxesforfun said:

eidand said:

payingtaxesforfun said:

Absolutely devastated. Kept our chain going under the motto of supporting the UK economy and because it felt like the right thing to do so ended up completing at the end of May after the market re-opened. The government's reward is a £15k tax bill. Depressing.

let's be fair, you did not buy a property to support the economy.  You bought it because that made sense to you and your personal circumstances. Everyone has to pay that tax, except for a limited number of transactions which manage to complete in the next 6 months. There's no rip off here.

Sure needing a house is the primary reason but I genuinely felt pulling out felt wrong even though I thought that was the smart thing to do at the time. I do think it's unfair treatment as essentially anyone who purchased a home post lockdown has taken a huge risk but only some of them, probably the most opportunistic bunch, are the ones being rewarded.

payingtaxesforfun said:

eidand said:

payingtaxesforfun said:

Absolutely devastated. Kept our chain going under the motto of supporting the UK economy and because it felt like the right thing to do so ended up completing at the end of May after the market re-opened. The government's reward is a £15k tax bill. Depressing.

let's be fair, you did not buy a property to support the economy.  You bought it because that made sense to you and your personal circumstances. Everyone has to pay that tax, except for a limited number of transactions which manage to complete in the next 6 months. There's no rip off here.

Sure needing a house is the primary reason but I genuinely felt pulling out felt wrong even though I thought that was the smart thing to do at the time. I do think it's unfair treatment as essentially anyone who purchased a home post lockdown has taken a huge risk but only some of them, probably the most opportunistic bunch, are the ones being rewarded.

Agreed. Let's be fair, most people who will be buying houses because of the exemption will be opportunists. They don't buy properties to help the economy. Those who are severely affected by the pandemic (e.g. furloughed or pay cut) will still not take risk or will not have the ability to purchase just because of this. Why should I, as a normal working class person, funding these opportunists with the tax I pay?

Wkmg

Jessieh said:

payingtaxesforfun said:

eidand said:

payingtaxesforfun said:

Absolutely devastated. Kept our chain going under the motto of supporting the UK economy and because it felt like the right thing to do so ended up completing at the end of May after the market re-opened. The government's reward is a £15k tax bill. Depressing.

let's be fair, you did not buy a property to support the economy.  You bought it because that made sense to you and your personal circumstances. Everyone has to pay that tax, except for a limited number of transactions which manage to complete in the next 6 months. There's no rip off here.

Sure needing a house is the primary reason but I genuinely felt pulling out felt wrong even though I thought that was the smart thing to do at the time. I do think it's unfair treatment as essentially anyone who purchased a home post lockdown has taken a huge risk but only some of them, probably the most opportunistic bunch, are the ones being rewarded.

payingtaxesforfun said:

eidand said:

payingtaxesforfun said:

Absolutely devastated. Kept our chain going under the motto of supporting the UK economy and because it felt like the right thing to do so ended up completing at the end of May after the market re-opened. The government's reward is a £15k tax bill. Depressing.

let's be fair, you did not buy a property to support the economy.  You bought it because that made sense to you and your personal circumstances. Everyone has to pay that tax, except for a limited number of transactions which manage to complete in the next 6 months. There's no rip off here.

Sure needing a house is the primary reason but I genuinely felt pulling out felt wrong even though I thought that was the smart thing to do at the time. I do think it's unfair treatment as essentially anyone who purchased a home post lockdown has taken a huge risk but only some of them, probably the most opportunistic bunch, are the ones being rewarded.

Agreed. Let's be fair, most people who will be buying houses because of the exemption will be investors. They don't buy properties to help the economy. Those who are severely affected by the pandemic (e.g. furloughed or pay cut) will still not take risk or will not have the ability to purchase just because of this. Why should I, as a normal working class person, funding these investors with the tax I pay?

I'm not an investor. I'm buying a house to live in. I don't know any investors who think it's a good time to get into buy to let as it has recently been made much less advantageous in terms of tax. I doubt this relatively small reduction in a one off tax (over the period an investor would typically own a property) is much of an incentive for buy to let land lords. Also with specific regard to "Why should I, as a normal working class person, funding these investors with the tax I pay?", if you're a normal working class person you probably aren't funding anything and are a net receiver from the state.

AlwaysPondering

Same as many on here, I completed about 5 weeks ago.

Personally I'd rather have the money back and pay it to others such as plumbers, decorators, gardeners etc keeping them in a job doing their trade, than the government just have it, to either pay out for them to do nothing under furlough rules, or worse still on Job Seekers as their businesses have gone under.

But I know that I'm never likely to see that money again, so I'll just have to save it back up before I'll spend it. Whilst praying all the good trades around here don't go under in the mean time.