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New Stamp duty
joefirestevenson
Posts: 1 Newbie
In the processes of buying a new build for £412000 as first time buyers. We have exchanged but not due to complete until October 31st. We have paid our 5% deposit so far to the solicitors. Do we now not have to pay the stamp duty? Or are we tied into paying the stamp duty? Many thanks
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Comments
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Lucky you. The rules which apply are those in effect at completion.joefirestevenson said:In the processes of buying a new build for £412000 as first time buyers. We have exchanged but not due to complete until October 31st. We have paid our 5% deposit so far to the solicitors. Do we now not have to pay the stamp duty? Or are we tied into paying the stamp duty? Many thanks0 -
I think you answered my question. We completed last Friday but are yet to fill out the SDLT1 Stamp Duty Land Tax Return form and were hoping maybe that would mean we could slip under the wire. Looks like not. Nothing to be done about it but ooft, £11,000 is a chunk of money to know you've missed out on still having as cash in your pocket by a week.SDLT_Geek said:
Lucky you. The rules which apply are those in effect at completion.joefirestevenson said:In the processes of buying a new build for £412000 as first time buyers. We have exchanged but not due to complete until October 31st. We have paid our 5% deposit so far to the solicitors. Do we now not have to pay the stamp duty? Or are we tied into paying the stamp duty? Many thanks0 -
Lucky you prior to today's announcement would have been stamp duty of £5600joefirestevenson said:In the processes of buying a new build for £412000 as first time buyers. We have exchanged but not due to complete until October 31st. We have paid our 5% deposit so far to the solicitors. Do we now not have to pay the stamp duty? Or are we tied into paying the stamp duty? Many thanks
Completion today or later stamp duty = £00 -
The maximum saving is £2,500 if that makes you feel any better. Still nice to have, but not as big a difference as your full £11k.raff_erty said:
I think you answered my question. We completed last Friday but are yet to fill out the SDLT1 Stamp Duty Land Tax Return form and were hoping maybe that would mean we could slip under the wire. Looks like not. Nothing to be done about it but ooft, £11,000 is a chunk of money to know you've missed out on still having as cash in your pocket by a week.SDLT_Geek said:
Lucky you. The rules which apply are those in effect at completion.joefirestevenson said:In the processes of buying a new build for £412000 as first time buyers. We have exchanged but not due to complete until October 31st. We have paid our 5% deposit so far to the solicitors. Do we now not have to pay the stamp duty? Or are we tied into paying the stamp duty? Many thanks2 -
Ooo how does the maximum saving work? We paid £16,250 stamp duty. The updated MSE Stamp Duty calculator suggests that the Stamp Duty to pay would now be £5,000, based on the new mini budget.julicorn said:
The maximum saving is £2,500 if that makes you feel any better. Still nice to have, but not as big a difference as your full £11k.raff_erty said:
I think you answered my question. We completed last Friday but are yet to fill out the SDLT1 Stamp Duty Land Tax Return form and were hoping maybe that would mean we could slip under the wire. Looks like not. Nothing to be done about it but ooft, £11,000 is a chunk of money to know you've missed out on still having as cash in your pocket by a week.SDLT_Geek said:
Lucky you. The rules which apply are those in effect at completion.joefirestevenson said:In the processes of buying a new build for £412000 as first time buyers. We have exchanged but not due to complete until October 31st. We have paid our 5% deposit so far to the solicitors. Do we now not have to pay the stamp duty? Or are we tied into paying the stamp duty? Many thanks
0 -
All they've done is raise the 0% threshold from £125k to £250k, there is no change to any of the other bands. So on any purchase over £250k you'd save £2.5k in stamp duty. Even if you bought a house worth £5 million, you'd still only save £2.5k.raff_erty said:
Ooo how does the maximum saving work? We paid £16,250 stamp duty. The updated MSE Stamp Duty calculator suggests that the Stamp Duty to pay would now be £5,000, based on the new mini budget.julicorn said:
The maximum saving is £2,500 if that makes you feel any better. Still nice to have, but not as big a difference as your full £11k.raff_erty said:
I think you answered my question. We completed last Friday but are yet to fill out the SDLT1 Stamp Duty Land Tax Return form and were hoping maybe that would mean we could slip under the wire. Looks like not. Nothing to be done about it but ooft, £11,000 is a chunk of money to know you've missed out on still having as cash in your pocket by a week.SDLT_Geek said:
Lucky you. The rules which apply are those in effect at completion.joefirestevenson said:In the processes of buying a new build for £412000 as first time buyers. We have exchanged but not due to complete until October 31st. We have paid our 5% deposit so far to the solicitors. Do we now not have to pay the stamp duty? Or are we tied into paying the stamp duty? Many thanks0 -
Also, the calculator appears to be working fine - I presume you might have accidentally ticked that you're a first time buyer, that would explain the difference? @raff_erty
Actually, I just realised that if you actually ARE a first time buyer but bought a home for over £500k, then under the previous rules you wouldn't have benefit from the reduced rates, but now you would - sorry, I hadn't considered that scenario!0 -
Didn't they adjust the threshold for FTB's?All they've done is raise the 0% threshold from £125k to £250k, there is no change to any of the other bands. So on any purchase over £250k you'd save £2.5k in stamp duty. Even if you bought a house worth £5 million, you'd still only save £2.5k.
I am not a cat (But my friend is)0 -
how about if they were a FTB, they save morejulicorn said:
All they've done is raise the 0% threshold from £125k to £250k, there is no change to any of the other bands. So on any purchase over £250k you'd save £2.5k in stamp duty. Even if you bought a house worth £5 million, you'd still only save £2.5k.raff_erty said:
Ooo how does the maximum saving work? We paid £16,250 stamp duty. The updated MSE Stamp Duty calculator suggests that the Stamp Duty to pay would now be £5,000, based on the new mini budget.julicorn said:
The maximum saving is £2,500 if that makes you feel any better. Still nice to have, but not as big a difference as your full £11k.raff_erty said:
I think you answered my question. We completed last Friday but are yet to fill out the SDLT1 Stamp Duty Land Tax Return form and were hoping maybe that would mean we could slip under the wire. Looks like not. Nothing to be done about it but ooft, £11,000 is a chunk of money to know you've missed out on still having as cash in your pocket by a week.SDLT_Geek said:
Lucky you. The rules which apply are those in effect at completion.joefirestevenson said:In the processes of buying a new build for £412000 as first time buyers. We have exchanged but not due to complete until October 31st. We have paid our 5% deposit so far to the solicitors. Do we now not have to pay the stamp duty? Or are we tied into paying the stamp duty? Many thanks1 -
Julicorn - isnt it the case that higher bands have changed and there is no longer a 2% band which was £250k. £125k is now moved to nil rate and £125k is now 5% from 2%. Not for first tme buyers tho.Helps lower price house buyers of course. I think that correct.1
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