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Original poster

Another Stamp duty freeze/cut?

117 replies

Designhelp · 21/09/2022 12:25

Would like to know if anyone has any more info in this? Appreciate likely to be speculation at this point.

www.theguardian.com/politics/live/2022/sep/21/liz-truss-stamp-duty-cut-emergency-budget-uk-politics-live#comments

OP posts:
Colourmeclear · 22/09/2022 14:50

Depends where you are buying. FTBs in my area pay stamp duty and have useless H2B ISAs because houses are so expensive. A starter house that was £240k a few years ago is now £350k.

A garage in my area has just sold for £60k.

I'm grateful for the extra money but I'm also getting tired of getting richer whilst other people starve or go cold (I know how hard it is from experience). I can donate and put a plaster over the cracks but systematic change needs to happen from the top.

knickersniff · 22/09/2022 15:26

I so hope they cut the stamp duty , that's my kitchen floor paid for Grin

knickersniff · 23/09/2022 10:30

That's just saved us 6 grand .

EmmaH2022 · 23/09/2022 10:42

knickersniff · 23/09/2022 10:30

That's just saved us 6 grand .

Have you exchanged?

Mushroo · 23/09/2022 10:45

it seems a bit of a red herring! If you’re buying a house over £250k and not a first time buyer, you save £2.5k compared to before.

Which is good, but hardly going to unlock swathes of older people now choosing to downsize! Eg a £500k house stamp duty has gone from £15,000 to £12,500.

Mushroo · 23/09/2022 10:46

@Birch01 dont feel bad! You missed out on £2.5k which although nice, probably you saved on the house price. Hope you’re enjoying your new house!

Hummingbird33 · 23/09/2022 11:32

Woohoo we are saving £2.5k. Still paying a lot but I'll take that!

EmmaH2022 · 23/09/2022 11:38

So what is the stamp duty rate now? Glad it's permanent to cut the lower one.

ChessieFL · 23/09/2022 11:44

This is annoying! We completed last Friday, if we had completed today we would have saved £2500. Assuming that it’s the completion date that’s important not the exchange date - not sure on that.

oh well, at least we’re in our new house and at least I’ll benefit from the NI and income tax cuts!!

knickersniff · 23/09/2022 12:06

Have you exchanged?

Nope still waiting on the searches 🤞

EmmaH2022 · 23/09/2022 12:27

knickersniff · 23/09/2022 12:06

Have you exchanged?

Nope still waiting on the searches 🤞

Um...gird yourself, there might be a price alteration. Hopefully not, especially if you are at a borderline. I just don't count chickens till they're safely locked up in the coop.

knickersniff · 23/09/2022 12:34

Um...gird yourself, there might be a price alteration. Hopefully not, especially if you are at a borderline. I just don't count chickens till they're safely locked up in the coop.

How do you mean ?

EmmaH2022 · 23/09/2022 12:51

knickersniff · 23/09/2022 12:34

Um...gird yourself, there might be a price alteration. Hopefully not, especially if you are at a borderline. I just don't count chickens till they're safely locked up in the coop.

How do you mean ?

Probably best to ignore me.

i'm just thinking, there was so much chaos in the last stamp duty thing, the vendor might ask for more money. But hopefully they will be honourable and not do that. I'm a pessimist, do ignore me!

in general, I think a "permanent" cut to SDLT is a very good thing. Can't wait till they update the calculators!

MarianneVos · 23/09/2022 12:59

I can't imagine people are going to get excited about putting stuff back on the market for a 2.5k change so I wouldn't worry Knickers.

EmmaH2022 · 23/09/2022 13:18

MarianneVos · 23/09/2022 12:59

I can't imagine people are going to get excited about putting stuff back on the market for a 2.5k change so I wouldn't worry Knickers.

Knickers said it would save £6k.

Nik2015 · 23/09/2022 14:02

Plus interest rates were probably lower.

Charl1991 · 23/09/2022 14:05

I’m spitting!! I understand it comes into effect as of today, the 23rd. We exchanged two days ago on the 21st so paid about 3k more than we would today.

Flowers024 · 23/09/2022 14:19

Is it not based on completion rather than exchange? At least the covid stamp duty holiday was. We’re in between the two stages and our solicitor said we will likely benefit, but we have to wait for HMRC to update the calculator over the weekend. Seriously hoping we do as we’re FTB and this’ll save us thousands if we do get to avail of it.

Hummingbird33 · 23/09/2022 14:22

As I understand it stamp duty is due on completion. If you've exchanged but not completed yet you will get the new rate. If you already paid stamp duty to the solicitor by haven't completed then they should be refunding you the difference.

Cattenberg · 23/09/2022 15:16

I should benefit from this, but my sellers won’t save a penny on their onward purchase.

It would be fairer if you only got charged SDLT on the amount over the £250,000 threshold. Like with income tax.

beanyl · 23/09/2022 15:16

Do we think this will translate over to Wales? we have land transaction tax here and currently no benefit for first time buyers.
We are FTB in the process of buying and completing soon. Any predictions?

HouseProud22 · 23/09/2022 15:25

Charl1991 · 23/09/2022 14:05

I’m spitting!! I understand it comes into effect as of today, the 23rd. We exchanged two days ago on the 21st so paid about 3k more than we would today.

You pay stamp duty on completion, not exchange…

Mushroo · 23/09/2022 15:25

@Cattenberg that is how it works.

If you buy a house for £300k, £250k has no SDLT, the £50k over the threshold is taxed at 5% so SDLT would be £2,500.

before the change it would have been £5,000.

Cattenberg · 23/09/2022 16:07

Oops, thank you Mushroo. I played with the online SDLT calculator and thought you got taxed on the whole amount.

Obki · 23/09/2022 16:58

Hi, does anyone know how long the stamp duty changes will last? As the last holiday was just for a few months?