New stamp duty

Mmamunn

I am in the process of buying my first property but I am purchasing on a buy to let as I am not ready to move in yet. I have never owned a property before. The price I am paying is £295000.

Under the pre 8th July stamp duty rates the stamp duty worked out to be £4750 but not now it looks like I will have to pay more.

I am hoping someone will tell me i’m wrong. If not then this is just so typical of the conservative government.

davidmcn

Mmamunn said:

I am hoping someone will tell me i’m wrong. If not then this is just so typical of the conservative government.

Ok then, you're wrong. Why did you think you'd have to pay more (or indeed anything)?
SDLT calculator is here (which takes account of yesterday's changes):
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

mobileron

Good job Labour wernt in charge then.

MobileSaver

Mmamunn said:

I am hoping someone will tell me i’m wrong. If not then this is just so typical of the conservative government.

Yes, you are wrong, everyone buying from 8th July will pay less stamp duty.

So the conservative government has done you a massive favour and most sane, rational people are just thankful that the Great British Public told Corbyn and the Labour party what little they thought of them in the last election; I shudder at how much worse things would be had Labour been in charge these last few months.

eidand

MobileSaver said:

Mmamunn said:

I am hoping someone will tell me i’m wrong. If not then this is just so typical of the conservative government.

Yes, you are wrong, everyone buying from 8th July will pay less stamp duty.

So the conservative government has done you a massive favour and most sane, rational people are just thankful that the Great British Public told Corbyn and the Labour party what little they thought of them in the last election; I shudder at how much worse things would be had Labour been in charge these last few months.

don't even say that ..... it makes me sick just thinking about it.

Mmamunn

As someone who hasn’t owned a property before and purchasing a buy to let i would’ve had to pay the home movers rate, correct?

Price £295k
 0% up to £125k, 2% between £125k - £250k and 5% anything over £250k equals £4750
Now i have to pay 3% on the total price of the property which comes to £8850

MobileSaver

Mmamunn said:

Now i have to pay 3% on the total price of the property which comes to £8850

No, the 3% higher rate is for "additional properties"; you do not own a property at the moment so will not pay anything.

davidmcn

Mmamunn said:

Now i have to pay 3% on the total price of the property

As asked above, where are you getting your (mis)information from? I've given you the link to the HMRC calculator which will give you the correct answer.

praduman

I’ve just completed on a property of 525k not my first home and paid 32k stamp duty. This hasn’t been paid by solicitor yet so would I qualify for new rule announced by chancellor? It’s a pain as I brought completion date forward to suit the vendor. Thanks

davidmcn

praduman said:

I’ve just completed on a property of 525k not my first home and paid 32k stamp duty. This hasn’t been paid by solicitor yet so would I qualify for new rule announced by chancellor?

It's the completion date which matters, so what do you mean by "just completed"? Unless it's today or yesterday, the answer is no.

martindow

MobileSaver said:

 I shudder at how much worse things would be had Labour been in charge these last few months.

Out splashing the cash, do you mean?  It seems that the magic money tree is fruiting vigorously at the moment.