Stamp Duty Holiday - Back Dated?

bucksbloke

No chance that this will be backdated. If you review every stamp duty change, it has always been effective on the day of the announcement

praduman

Same here I completed 1st July brought forward to suit vendor although stamp duty hasn’t been paid by solicitor yet. Any chance I could claim 17,500.00 back 🙏🏾

[Deleted User]

bucksbloke said:

No chance that this will be backdated. If you review every stamp duty change, it has always been effective on the day of the announcement

It is different circumstances though so potentially a review of it, I’m living in hope here 😂. 

praduman

Waiting to hear from my solicitor 

Jessieh

Wkmg said:

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.

From your another post, it looks like you're the lucky one to get this exemption who will be able to use the money to fund the home renovation. I paid the same amount of tax as you would have to so we probably have similar household income. My frustration is why I'm funding other people to renovate their homes while leaving mine untouched because of a 2 week completion difference... I know it's luck but I guess you might feel equally frustrated if you were in the same position. 


  

Wkmg

If you’re buying a house well in excess of half a million pounds you’re obviously not a “normal working class” person whatever you want to believe. I don’t know what you think you’re funding. I’m not getting a grant of £15000, I’m getting a reduction of £15000. I’m still paying well over £20,000 in stamp duty despite the reduction. Every tax change has winners and losers. Every tax change has a date of implementation. I’m sure you’d love the cut off to be the day you completed but that doesn’t do much to encourage you to move as you clearly did it anyway. The tax change is an incentive. You don’t need incentivising. 

Marvel1

leannedarby said:

Petition name -

Please sign!

No.

Marvel1

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.

So you would be happy to pay more if it went the other way , you know to help the UK economy?

Jessieh

Wkmg said:

If you’re buying a house well in excess of half a million pounds you’re obviously not a “normal working class” person whatever you want to believe. I don’t know what you think you’re funding. I’m not getting a grant of £15000, I’m getting a reduction of £15000. I’m still paying well over £20,000 in stamp duty despite the reduction. Every tax change has winners and losers. Every tax change has a date of implementation. I’m sure you’d love the cut off to be the day you completed but that doesn’t do much to encourage you to move as you clearly did it anyway. The tax change is an incentive. You don’t need incentivising. 

So people who have the ability to buy a property of approx £1m get the reduction.... I'd rather this money go somewhere else. 

D.L

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.

It is so kind of you to purchase a property for the sole purpose of supporting the UK economy. Given that you are so passionate about the UK economy, perhaps there is some other way to show your support? Maybe paying a tax of some sort?