5% stamp Duty rise

noddy11

ReadySteadyPop said:

noddy11 said:

user1977 said:

 So if a transaction was relying on SDLT being a particular rate, and you were almost ready to exchange, you should really have made more effort to get it over the line before today.

I wasn’t just relying on stamp duty being a particular rate as I mention in my post it a number of other unforeseen things as well.

As for you tell me I should have made more of an effort to get over the line not sure you understand how house sales work, I’ve been trying my best to do this but the house was in probate as I mentioned above in my post not sure if you read this or choose to ignore it.

Other  people will also likely be pulling out of purchases, or looking for a bigger discount.

https://propertyindustryeye.com/thousands-of-purchases-could-be-abandoned-after-chancellors-surprise-stamp-duty-hike/

So many people I have spoke to, solicitors, estate agents, surveyors all shocked at the 2% rise they were not expecting the rise also lots of news outlets also shocked at the rise (a quick google search shows) let alone with one days notice.

its easy for some to now say they new it was on the cards.

They didn’t know, maybe the thought it might be or maybe they just now say that now (easy to say now :-) ).

user1977

macman said:

Tax changes affecting property purchases always apply at the date of completion, not exchange.

No, as already discussed above. Buyers only had to have exchanged before the Budget for the old rates to apply, not completed.

https://www.gov.uk/government/publications/stamp-duty-land-tax-increase-to-the-higher-rates-of-stamp-duty-land-tax-and-to-the-single-rate-payable-by-non-natural-persons/380cf2b3-cc05-4457-9624-224485c29fb5#detailed-proposal

noddy11

user1977 said:

macman said:

Tax changes affecting property purchases always apply at the date of completion, not exchange.

No, as already discussed above. Buyers only had to have exchanged before the Budget for the old rates to apply, not completed.

https://www.gov.uk/government/publications/stamp-duty-land-tax-increase-to-the-higher-rates-of-stamp-duty-land-tax-and-to-the-single-rate-payable-by-non-natural-persons/380cf2b3-cc05-4457-9624-224485c29fb5#detailed-proposal

I was going to also say this but due to macman silly post didn’t think it was worth the effort.