Stamp Duty Cut

scroogemcduck2

Due to exchange today. First time buyers and our purchase was just over the old 500k threshold for first time buyers relief. Looks like we're saving over £11k. Crazy!

alreeve27

I exchanged last week and due to complete today. Presumably now eligible for this saving? I called my solicitor who said she is looking into it as it had just been announced, but seeing as the rates have been updated online and it has not yet been paid, it should qualify? My friend is completing today also and was told by her solicitor that it doesn't count as she has exchanged already, which sounds like nonsense to me? Thanks

Jinglish

Exchange is irrelevant for duty cuts it's completion date that matters. I would guess completions today would still be eligible.

kiomuk

Welcome news for me as I'm soon to complete my purchase of a UK property.

As I currently live in Jersey and am moving back to the UK I'm technically non-UK resident so I get hit with an additional 2% SDL.  I was going to be paying £8759 on a purchase price of £267,995.  OK, I would claim back £5360 as will be becoming UK resident within 364 days of completion but it was the initial outlay plus the extra hassle.  

I'll let the dust settle then see what my conveyance says the new figure will be.

Every little helps!

Jinglish

I exchanged 3 weeks ago and due to complete Monday 17th so will benefit from £2.5k in stamp duty. There are talks of U turning the mini budget. If stamp is revered back on or before the 17th would I have to pay the £2.5k? I only ask because normally when a reduction is made it happens immediately but when an increase is made there is notice given. If they were to reverse it back is it fair to assume they would set a future date say 1st Jan 2023 rather that it being instant. I’ve spent the £2.5k already 😬 

user1977

Jinglish said:

I exchanged 3 weeks ago and due to complete Monday 17th so will benefit from £2.5k in stamp duty. There are talks of U turning the mini budget. If stamp is revered back on or before the 17th would I have to pay the £2.5k? I only ask because normally when a reduction is made it happens immediately but when an increase is made there is notice given. If they were to reverse it back is it fair to assume they would set a future date say 1st Jan 2023 rather that it being instant. I’ve spent the £2.5k already 😬 

Generally increases don't apply to transactions which have already exchanged.

BigBoss

Chances of this being reversed?

LavenderLamb101

Keen to know about this too.

RM_2013

Ha ha same I was delighted to learn I’d be saving on stamp duty costs.
i guess speculation due to new chancellor? 

SDLT_Geek

There is little chance of the SDLT cut being reversed in my view.

It was announced in Parliament yesterday that the Stamp Duty Land Tax Reduction Bill is expected to pass all its stages on 24 October.  That is needed to put into permanent effect the changes already in effect by virtue of the Budget Resolutions of 23 September 2022.