Autumn statement 2014 - SDLT changes

[Mattt]

Heard a couple of rumours (or wishes) about thresholds changing or progressive taxation.

Anyone else heard anything of substance?

[C0ffin D0dger]

I'd be surprised if anything were to change. Too much of a cash cow for the government in its current form to warrant any meddling.

[rossub]

Wouldn't be surprised if they copy Scotland.....again.

[RichB]

Mattt said:

Heard a couple of rumours (or wishes) about thresholds changing or progressive taxation.

Anyone else heard anything of substance?

Well spotted

Stamp duty rates

Mr Osborne spelled out the new stamp duty rates.

• No tax on the first £125,000 paid
• 2% on the portion up to £250,000
• 5% up to £925,000
• 10% up to £1.5 million
• 12% on everything above that.

He said: "As a result stamp duty will be cut for the 98% of homebuyers who pay it."

[boxst]

Anybody have an excel formula to work out the stamp duty?

Just about to buy a house and obviously can't use my standard formula now

[2fast748]

I think I might just have "saved" £4500!

[vescaegg]

boxst said:

Anybody have an excel formula to work out the stamp duty?

Just about to buy a house and obviously can't use my standard formula now

https://www.gov.uk/government/publications/stamp-duty-reforms-factsheet

Has just saved me a grand on the house im buying

I cant believe I just got a tax cut

[boxst]

vescaegg said:

https://www.gov.uk/government/publications/stamp-d...

Has just saved me a grand on the house im buying

I cant believe I just got a tax cut

That I just paid for -- mine is £1,250 more

[R11ysf]

A tax designed to screw the London housing market. People won't move now and transaction numbers will fall. I would have preferred a mansion tax because at least that would have been a trickle payment every year and if you didn't like paying it you could move. Now to buy a £2m house you need to find an extra £54k upfront. That's 20 years of mansion tax in one hit!!

[RichB]

boxst said:

vescaegg said:

https://www.gov.uk/government/publications/stamp-d...
Has just saved me a grand on the house im buying
I cant believe I just got a tax cut

That I just paid for -- mine is £1,250 more

Why have you paid more, is your house in the million pound bracket? If not you have a period during which you can chose to pay using the old calculation or the new ones, whichever is more beneficial to you.

[Matt..]

R11ysf said:

A tax designed to screw the London housing market. People won't move now and transaction numbers will fall. I would have preferred a mansion tax because at least that would have been a trickle payment every year and if you didn't like paying it you could move. Now to buy a £2m house you need to find an extra £54k upfront. That's 20 years of mansion tax in one hit!!

Surely going to increase prices elsewhere though, as the £250k limit has disappeared.

[worsy]

boxst said:

vescaegg said:

https://www.gov.uk/government/publications/stamp-d...

Has just saved me a grand on the house im buying

I cant believe I just got a tax cut

That I just paid for -- mine is £1,250 more

Stamp duty
In the middle of buying or selling a home? If you have exchanged contracts, but not completed the deal by midnight tonight, the chancellor said: "you will be able to choose whether to pay under the old system or the new, so no one in the middle of moving house will lose out."

[boxst]

worsy said:

Stamp duty
In the middle of buying or selling a home? If you have exchanged contracts, but not completed the deal by midnight tonight, the chancellor said: "you will be able to choose whether to pay under the old system or the new, so no one in the middle of moving house will lose out."

Had an offer accepted, no exchange of contracts and wont be until after Christmas.

[Sir_Dave]

boxst said:

Anybody have an excel formula to work out the stamp duty?

Just about to buy a house and obviously can't use my standard formula now

One here: http://www.hmrc.gov.uk/tools/sdlt/land-and-propert...

We completed on our first flat last month for £250k on the nose, having bartered down from the "£250,001>£275k, 3% deadzone". So whilst the change wouldnt have affected us in terms of SDLT, hopefully it nows means the property will rise nicely as there is no such "deadzone" to worry about

[LdnShtr]

2fast748 said:

I think I might just have "saved" £4500!

That's almost exactly how much extra I paid when I bought a couple of months ago.

[RichB]

boxst said:

worsy said:

Stamp duty
In the middle of buying or selling a home? If you have exchanged contracts, but not completed the deal by midnight tonight, the chancellor said: "you will be able to choose whether to pay under the old system or the new, so no one in the middle of moving house will lose out."

Had an offer accepted, no exchange of contracts and wont be until after Christmas.

So why is it costing you £1,250 more?

[boxst]

RichB said:

o why is it costing you £1,250 more?

I haven't exchanged contracts, current stamp duty is £57,500 new one will be £58,750.

[RichB]

boxst said:

RichB said:

so why is it costing you £1,250 more?

I haven't exchanged contracts, current stamp duty is £57,500 new one will be £58,750.

Ah well, that's a shame but I guess we can't have it both ways. Paying £1.15 mill for a house would still be considered a lot so well done to you for being able to afford it.

[worsy]

Very PH. £1.2k is the issue rather than over 50k of tax

[oilydan]

We exchanged on the 1st December and complete on the 10th.

I think I might go for the 'new rules' option as it saves me about GBP4,500

Awesome

It's the first tax I've paid in the UK for about 11 years so getting a discount is quite welcome, thanks HM Treasury.