Stamp Duty Holiday - Back Dated?

Marvel1

EmJoe1 said:

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.

FTB in 2007, no incentives, instead a market crash and not recovered to date, it's life.

Wkmg

Jessieh said:

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 approx £1m get the reduction.... I'd rather this money go somewhere else. 

Well that's a completely different point to the one you made.You can certainly argue that giving a £15,000 tax cut to some of the wealthiest people in the country probably shouldn't be a priority. The argument I take issue with is back dating it for the benefit of even more wealthy people (which is the argument you made). I suspect the government know that consumer confidence is largely based on how wealthy people feel. if you know your house is worth lots of money you feel wealthy, whether it's money you have access to or not. I'm not an expert though so wouldn't want to take that argument too far.

MobileSaver

Jessieh said:

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

Those people buying £1m properties are still paying over £28,000 in stamp duty, way more than the average home owner ever pays, and yet you still aren't happy and want them to pay more?!?! Jealousy is a terrible thing.

moneysavinghero

JessieH said:
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. 

So you don't agree with funding other people to renovate their homes, but you want other people to fund you to renovate yours?
I've been working all throughout lockdown. Everytime i look through the window i see a furloughed person getting paid to ride their bike round all day. Should i get paid 180% of my wages to i can afford to do some renovation on my property? Or should i just be happy that i have a job.

firstTimeBuyerPaidDuty

Abz26 said:

Hi,
I recently completed the purchase of our house.  And was just wondering is there any chance of claiming back the stamp duty I paid due to the announcement made this morning?

As my mortgage offer was due to expire beginning of May I had to push the sale through or risking losing the property all together.  Just want to get a feel for what my options could be, if anything?

thanks in advanced.

Don't pay attention to the ones making jokes, this is something that has been done before and I think it's likely but it is also up to us to put the pressure up.
Here are some news about people in high positions doing this:
 Not allowed to post links but this is in the negotiator: 
government-urged-to-backdate-cut-in-stamp-duty-to-help-recent-buyers/
and in todaysconveyacer:
main-news/government-urged-backdate-stamp-duty-cut-scheme/
And a petition on the petitions website (310695) to sign which is gaining traction:

Abolish Stamp Duty on all transactions during Corona Virus pandemic

and you can email your MP about it. This has been done before. Here is what I sent mine and Rishi Sunak directly:

Dear Rishi Sunak,

I have seen you announce the stamp duty cut yesterday, a welcome and much needed boost to the economy.

The day of the 1st of July has marked a huge achievement as it was the day of completion for my new home, the result of hard work planning and saving for many years, a much much harder goal to achieve on one's own. I have faced huge adversaries in achieving this including competing buyers, staff being furloughed at the estate agents and other legal uncertainties with the pandemic making everything worse but have managed to pull through this. I was faced with the decision of continuing or pulling out looking at an uncertain market and dropping house prices but decided to go ahead with it anyway.  It would be more fair and not to a much greater cost to backtrack the stamp duty cut by either when the lockdown started or ended, due to the not many transactions that went through. Also, at the lower end of cost for homes people really need that money, it would help them spend it on renovating their homes, buying furniture, white goods or other things. I certainly would spend that £5000 in the local economy - I am sitting broke in a half empty home.

There are examples of Stamp Duty cuts in the past being back dated. Philip Hammond in October 2018 dated a Stamp Duty cut 11 months to 22nd of November 2017 so there is precedent for this.

I appreciate your time reading this.
Regards

DCFC79

To previous poster, you say your sat in your home broke, why did you not have a contingency plan in place so you could buy white goods, furniture etc.

jaxkesa

firstTimeBuyerPaidDuty said:

I was faced with the decision of continuing or pulling out looking at an uncertain market and dropping house prices but decided to go ahead with it anyway.

So you made the decision to go ahead but now you want compensation?

Splatfoot

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 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?

Opportunists 😃

SharkMoney

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.

You deserve a medal hun 

maple33977

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?