Liz Truss stamp duty announcement

[Puncturedbicycle85]

I have seen that LT intends to cut stamp duty and will announce it this week. Does anyone know how quickly this will be brought in? I can’t remember how fast it was brought in when it was cut during the pandemic.

Sorry, no answer but following!

Following as well. I assume it will be fairly quickly as any lengthy gap between the announcement and implementation would surely just bring the property transaction market to a grinding halt?

Interesting. And is the relevant date for the transaction exchange of contracts or completion of the sale? I'm asking because I am supposed to be exchanging today and completing next Thursday, lol. It's not enough money to be worth me delaying (as my mortgage offer only has a few weeks left to run) but obviously, it would be nice to save a few grand.

Why on earth would she reduce stamp duty? It'll only push house prices up even more.

Mad isn't it? But then I daresay that's the way she's gonna roll...

Because the alternative is a property crash and that's not in the interest of the government...

It’s in all the newspapers that she will. I don’t think it’s wonderful either in the grand scheme of things but just looking at it from my own selfish viewpoint 😂

Great, another stamp duty holiday deadline, just what solicitors/conveyancers need after last year. Don't get me wrong, it's brilliant that people save money but my god, it was awful in conveyancing last year 😞

Would it be too much to hope that people who bought in the past twelve months will be reimbursed?!

Thought not… we have been shafted from both sides in that case! Having to pay it but also having to pay vastly inflated prices for our homes, due to the last cut.

It’s just going to push house prices further up.

The 2020 stamp duty holiday was applied immediately I believe and I would assume that it would be brought in pretty quickly in this case, but who knows?

I wonder if part of the issue with the temporary cut is that because it only applied for a limited time it caused a spike because people were desperate to move before having to pay a higher amount?

My initial reaction to news of a permanent cut was that it was insane, but I'm having second thoughts based on this thread: twitter.com/rcolvile/status/1572473915825438721?s=20&t=s4O-HDUvC3b-8bQeeJrSXQ

Proviso that he works for a right-wing think tank and I'm sure there's an argument against this one! It certainly seems inflationary and likely to lead to higher interest rates which would presumably dampen any further house price increases.

Oh FFS. The previous cut sent the market mad - by more than you'd save. And now, just when we're going back to looking at buying again, after two failed attempts, we're gonna get hit by it again. And crappy interest rates.

If she's gonna cut it, just cut it permanently. It's a ridiculous tax for residential purchases.

Because she’s determined to make clear that her overwhelming priority is to make the rich richer and the poor poorer.

If you know you are going to lose the next election might as well burn everything to the ground before you go.

As others have implied, I expect the Tories realise they’re probably out at the next election, so the next year or two will be spent forcing through as many right wing cuts and dismantling the welfare state and wrecking public services as much as possible, to make Labour’s job as difficult as possible. And yes they would do that.

When she introduces a stamp duty holiday and boosts the property market and thus inflating the value of each home, you can increase consumer confidence and spending. Crucially, the increasing cost of homes aren't accounted for when calculating inflation, so this one area that you can tinker with to drive the economy without triggering an increase in the base rate. I think.

It's mad an artificial prop to the market that results in more borrowing up to one's limit to reach the new price established by the cut. The fool's paradise of our crazy property market gets another steroidal stick save. Personally, I think we are heading for a major economic crash and a multi-year depression and this flailing around is just trying to delay the inevitable. It's been a long time brewing ever since the banking crisis of 2008 and endless rounds of hyper-low interest rates and QE. When I saw Kwarteng laughing to himself at the Queen's funeral and acting strangely I wondered if they are actually mad or on drugs or both!

Hardly saving money when the mortgage rates are about to go up again! Rob Peter to pay Paul and all that do not be fooled.

We are due to complete on a new build in the next couple of months so will be interesting to see if this does come off, saving a couple of grand now might offset the pain of mortgage rates skyrocketing at the same time... Ha! What a mess.

Not exactly a wise thing to do though is it? this will lead to a direct cut in monies to the treasury, at a time when public services are on their knees as inflation has wrecked the little increases in funding some where supposed to be getting.

I'd prefer to see extra state investment in science & manufacturing.

But that isn't how the Tories roll, its always a gain for the wealthy, whatever the cost.

I think all the stops are out to minimise a long, grinding recession. There's nothing much more costly or destructive to public services than that.

I'm not here to rally for Truss or the conservatives. I'm just drawing out the logic. I'm not making any grand statements about it being the right thing to do to achieve the aim.

I have no idea of what cost of this stamp duty holiday is but I would much rather see the extra £20 uplift to Universal Credit being reinstated, possibly permanently

Ooh I hope this happens!

Interestingly, JRM has just announced an energy business cap at £211 per MWh for electricity, which is marginally less than even the French are paying.

To be fair stamp duty costs are insane. Its one of the main things stopping us from being able to move. £20,000 charge is almost another deposit!

That will never happen under Liz. She's made it VERY clear she wants those in poverty to suffer the worse they have in decades.
It's all about her rich mates. The hypocrisy of it all, who'd of thought she used to be in the Lib Dems! 🤦🏻‍♀️