0% Stamp duty threshold increasing to £500k

[Rebelwithallthecause]

Just seen the news that the chancellor is due to announce temporary change to stamp duty to help things along which will mean houses under £500k will pay now tamp duty

Not too sure how long this will run for but maybe a few years

Will this change your mind on if you stay out or sell?

We had been looking to love but started considering staying and extending but this would mean a big saving and might mean that more buyers would be interested in ours too

Yesss! Its saved us £5k

£2000 saved for me :) 👌😎

Amazing!

He didn't mention owners of multiple homes, but he did use the phrase 'main home', so need more clarification on that for my personal circumstances (and a few others on here).

So happy for everyone else though even if it doesn't apply to me. Well deserved for all those who've held their nerves through this rollercoaster!

OMG, does this include people who’ve exchanged but not completed then?

I didn’t get if this was only for your main house. So if you own another property does it apply?

£6k for me - how bloody wonderful!!! I have a lot of work to do to the house so that'll be a massive difference.

Our solicitor confirmed yesterday that if they changed the rules today we would benefit and we complete on Monday having exchanged 10 days ago. We just saved £15k I'm very happy!

Yes if you haven't completed yet then you will benefit from it. Stamp duty is payable on completion.

@Gra18 he did say main home, however I'm not sure whether he means you can't own any other property or whether he means it must be the home in which you will reside.

So we will reside in the house we are about to buy and therefore it will be our main home, but we will still own the house we live in now (renting out) so will own multiple houses. Guess we need to just wait for more detail to come out.

Great news for everyone though

I have estate agent booked for new week so this helps! We are the just over 500k bracket so would be good to know how it’s going to work over 500k.
Would think it apply to those already exchanged as it’s on completion isn’t it?

Next week, not new week

Excellent, 6k saved for us. Planning my new bathroom already!

BBC’s is saying first £500k of house price, which sounds like no cliff edge.

Where can we find the details?

I wonder if Scotland will follow suit?

@moveandmove

Yes if you haven't completed yet then you will benefit from it. Stamp duty is payable on completion.

That’s what I assumed, but it’s almost too good to be true! It’s been a long six months or so getting to this point, and probably for all of us who’ve been in the process of buying before lockdown.

Would anyone know if when you had a property in your name and then bought a larger property with your partner and paid additional stamp duty, you can receive a refund after your first property is sold (was a main residence for 10 years but for you only)?

"Under the temporary stamp duty freeze, the first £500,000 of all property sales would be exempt from the tax, in England and Northern Ireland." www.bbc.co.uk/news/uk-politics-53324201

@Liudmyla2018 yes you can claim the extra you paid back if you sell the first house within 3 years

@Hmmph

BBC’s is saying first £500k of house price, which sounds like no cliff edge.

Where can we find the details?

Yes that's what I want to know, but no idea how to find out!

Interested to see what it means for properties over 500k. We've been toying with the idea of moving out of commuter belt and if it is the first 500k exempt that would be a massive saving for us. But also means we might want to actually do it now rather than wait until next year which had been the plan. Yikes!

I would rather pay more stamp duty and help pay off the huge country debt instead of subsidizing housebuilders profit and existing home owners house values as that is all that will now happen, people now have more money to pay for a house and will now be competing with each other pushing up house prices

But surely you can see that this is the sole intention of the govt...?

I take it that the base threshold has increased from £125,000 to £500,000 therefor any purchases over that don't pay stamp duty on the first £500k (hope the picture works!)

@lindauk5 - gosh I hope you're right!

What % would it be for anything over £500? I want to work out what we'll save as the vendors have asked us for an extra £5k!

I would rather pay more stamp duty and help pay off the huge country debt

I believe you can voluntarily pay into the tax system if you wish, I’m very pleased to not have to pay stamp duty at the minute.

[quote Maybenexttime08]@lindauk5 - gosh I hope you're right!

What % would it be for anything over £500? I want to work out what we'll save as the vendors have asked us for an extra £5k![/quote]
Your vendors have already come back to you to ask for more!? Wow...