Stamp Duty revision 08 July 2020
Discussion
Good evening all,
I've had a quick scan and it doesn't appear that anyone has posted about this as yet.
Apologies if i have been a
and missed anything though, please delete mods.
Tomorrow should see the amendment of Stamp Duty regs (a long time coming imo, regardless of the present situation).
I work in conveyancing so the announcement is of interest to me and I am sure no doubt many others on here.
Personally i see one of four things that may happen:
1) Bin it off for six months completely. The best but most unlikely scenario for various understandable reasons.
2) A ceiling of £500,000.00 no duty payable for all. Above this, duty applicable at a percentage.
3) See point two but for first time buyers only.
4) Something different, but leaning more to penalising buy to letters and second homeowners.
I also wonder how it will work for Transfers of Equity etc? I somehow feel this will be left out.
Finally when will they want it back, as the Revenue and the government rarely give something for nothing. Will it be a staggered future payment along the lines of the way Stamp Duty can currently be paid on shared ownership properties, or something different perhaps.
Many of the papers with various models, does anyone have any thoughts/ideas?
I've had a quick scan and it doesn't appear that anyone has posted about this as yet.
Apologies if i have been a
and missed anything though, please delete mods. Tomorrow should see the amendment of Stamp Duty regs (a long time coming imo, regardless of the present situation).
I work in conveyancing so the announcement is of interest to me and I am sure no doubt many others on here.
Personally i see one of four things that may happen:
1) Bin it off for six months completely. The best but most unlikely scenario for various understandable reasons.
2) A ceiling of £500,000.00 no duty payable for all. Above this, duty applicable at a percentage.
3) See point two but for first time buyers only.
4) Something different, but leaning more to penalising buy to letters and second homeowners.
I also wonder how it will work for Transfers of Equity etc? I somehow feel this will be left out.
Finally when will they want it back, as the Revenue and the government rarely give something for nothing. Will it be a staggered future payment along the lines of the way Stamp Duty can currently be paid on shared ownership properties, or something different perhaps.
Many of the papers with various models, does anyone have any thoughts/ideas?
deggles said:
I think it will be a temporary raising of the thresholds to £500k for all primary residences (first time buyers or not). I also think BTL and second homes will continue to be charged.
Hopefully Rishi will see sense and bring in any changes immediately, any delay will just cause the market to freeze.
Absolutely agree on the immediacy of it for sure and hopefully he will. Hopefully Rishi will see sense and bring in any changes immediately, any delay will just cause the market to freeze.
I really am on the fence for BTLs and second homes (I am neither) I think they should get some sort of relief as it all adds to the stimulus, even though there are many valid reasons as to why they should not, these are the types that 'often' have the cashflow for it.
Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff