Stamp Duty Cut

julicorn

Sounds like there'll be a stamp duty cut announced on Friday (I believe The Times first reported on it, but it's been picked up by quite a few news outlets). Any thoughts and speculations?


(Our purchase has been dragging on for months and months, so it'll probably benefit us, although I have to admit I was surprised)

Chemistry777

A lot depends on when it may be implemented.   Typically a cut like this would be effective from the announcement date, as if it was not, then everyone would be delaying their purchases, which would cause (even more) chaos amongst conveyancing firms.

Sounds like a move to assist FTB's so perhaps just raising the initial threshold upon which is stamp duty is due?  Who knows?

propertyhunter

The bank rate increase tomorrow will be at least 0.5% if not 0.75% (so financial pundits will say). I'm not sure how much a SDLT cut will help at this point. The Bank of England and Government are singing from different hymn sheets right now. Government is stoking inflation with tax cuts, and BoE is trying to quash it. The fact that Liz Truss is not going to provide an outlook for the UK economy from the OBR is worrying. The pound is already very weak.

donutandbeer

Our purchase has been dragging on as well… Would love to benefit from the cut 🤞

onemouseplace

Ours has been limping on as well so I suspect this announcement may either make or break it. 

user1977

Not sure a reduction in tax intake is what we need, especially one targeted only on those who can afford to buy a house (and happen to be currently doing so).

dosh1

I am likely to complete on a house purchase end of November.  I am not a FTB as I am selling my house and buying a new one.  My property is £510,000.  

Is it likely the proposed cut in stamp duty will impact on me?

Chemistry777

dosh1 said:

I am likely to complete on a house purchase end of November.  I am not a FTB as I am selling my house and buying a new one.  My property is £510,000.  

Is it likely the proposed cut in stamp duty will impact on me?

No one knows until Friday but,I think pretty much any restructure will help everyone, whether this be moving the thresholds or changing the %ages.   Also timescale of implementation will have an impact

James_D

Chemistry777 said:

A lot depends on when it may be implemented.   Typically a cut like this would be effective from the announcement date, as if it was not, then everyone would be delaying their purchases, which would cause (even more) chaos amongst conveyancing firms.

Sounds like a move to assist FTB's so perhaps just raising the initial threshold upon which is stamp duty is due?  Who knows?

I'm due to complete 4 October .. I hope you are right. 

knowlesv83

We have already exchanged and will complete on Friday - I am assuming that we won’t benefit from the stamp duty cut even if it is announced on Friday and effective from that date. Did anyone get put in this situation on the last stamp duty holiday?

Chemistry777

Last time it was effective from the date of announcement and applied to completions on that day. (from google)