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stamp duty increase
natalierogers1998
Posts: 5 Newbie
me and my partner exchanged contracts on the 18th October and complete on the 4th november. My partner has two rental properties already. As we have exchanged on the 18th October do need to pay the higher rates of stamp duty as per the new 2024 budget.
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Comments
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No, the old rates will apply.1
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user1977 said:No, the old rates will apply.
Stamp Duty Land Tax — increase to the higher rates on additional dwellings and to the single rate of tax on purchases by non-natural persons - GOV.UK
says'This measure applies to transactions with an effective date (usually the date of completion) on or after 31 October 2024.
Where contracts are exchanged prior to 31 October 2024 but complete or are substantially performed on or after that date, transitional rules may apply'.
but doesn;t appear to say either what those transitional rules are or the circumstances under which they will apply.
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This is completely unfair and ongoing transactions should be excluded from the increase. For those in ongoing transactions, they have already budgeted for the purchase, so it is very unfair that they have to pay the extra stamp duty when they have already tied themselves into the purchase.
Complete chaos. I hope that transactions which have exchanged are excluded from the increase as you have no choice in the matter.1 -
natalierogers1998 said:me and my partner exchanged contracts on the 18th October and complete on the 4th november. My partner has two rental properties already. As we have exchanged on the 18th October do need to pay the higher rates of stamp duty as per the new 2024 budget.
1. You exchanged contracts on or before 30 October 2024.
2. The contract is not varied and
3. There is no change of buyer from the buyer under the contract.
If those conditions are all met the 5% extra SDLT over standard rates should not apply, even though completion is on or after 31 October 2024.1 -
Just one question OP. Are you and your partner selling an existing property that you live in as part of the transaction or is this a new house with no related sale?2
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GrumpyDil said:Just one question OP. Are you and your partner selling an existing property that you live in as part of the transaction or is this a new house with no related sale?0
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natalierogers1998 said:GrumpyDil said:Just one question OP. Are you and your partner selling an existing property that you live in as part of the transaction or is this a new house with no related sale?
Or perhaps he has been renting for over 3 years?0 -
SDLT_Geek said:natalierogers1998 said:GrumpyDil said:Just one question OP. Are you and your partner selling an existing property that you live in as part of the transaction or is this a new house with no related sale?
Or perhaps he has been renting for over 3 years?0 -
natalierogers1998 said:SDLT_Geek said:natalierogers1998 said:GrumpyDil said:Just one question OP. Are you and your partner selling an existing property that you live in as part of the transaction or is this a new house with no related sale?
Or perhaps he has been renting for over 3 years?1 -
natalierogers1998 said:natalierogers1998 said:SDLT_Geek said:natalierogers1998 said:GrumpyDil said:Just one question OP. Are you and your partner selling an existing property that you live in as part of the transaction or is this a new house with no related sale?
Or perhaps he has been renting for over 3 years?0
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