Stamp Duty changing

[azrael]

Cheaper for most except Moz

Stamp Duty now to be tiered so you a % for each band rather than on the whole amount

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.

 

[Moz]

Ouch.

Good job I have no plans at all to move until I get really old and do the downsize thing.

 

[SimonGoesSideways]

Compared to the old system, if you are buying below £925,000 you will pay less stamp duty, if over £925k you will pay more.

if you have a property purchase going through at the moment, you can choose the old or new way of stamp duty.

It great for the buyers of properties between £250 - 500k, as they are looking at between £1500 - 4500 saving on stamp. Good for the housing market !

 

[neil-f]

Ouch.

But you are only in the up to £250k bracket

 

[Rosco]

Very ouch!

 

[neil-f]

This makes a big divide with Scotland who from April 2015 take care of their own stamp duty, rates are
0-135k 0
135-250k 2%
250-£1m 10% (this one will be expensive for a large amount of folk or will they just not move?)
£1m+ 12%

 

[Henry]

This time next year I won't be here in rip off Britain, I'm off.

 

[bob-in-toon]

This makes a big divide with Scotland who from April 2015 take care of their own stamp duty, rates are
0-135k 0
135-250k 2%
250-£1m 10% (this one will be expensive for a large amount of folk or will they just not move?)
£1m+ 12%

Soon they'll probably be forcing people to move into gov blocks of flats in true soviet style

 

[Rosco]

this time next year i won't be here in rip off britain, i'm off.

iom?

 

[KnickeRS]

12% on everything above that.

So, here darn Sarf, that's just about everything then. Do you reckon this fucks the market up for a short while or do prices just lift to compensate the difference.

 

[Rosco]

I can't see it making much difference really.
One thing it does stop is people struggling to sell their house for just over the thesholds. I remember when we were selling our old house for £550,000, we got so many offers of £499,995. Now if it is over £500,000, they only pay that little bit extra on the amount over the £500k.

Bottom line is, when you can afford a house of £1.5m, another £10-£20k isn't really going to break the bank.

 

[Henry]

iom?

No somewhere warmer, lol

 

[Henry]

I can't see it making much difference really.
One thing it does stop is people struggling to sell their house for just over the thesholds. I remember when we were selling our old house for £550,000, we got so many offers of £499,995. Now if it is over £500,000, they only pay that little bit extra on the amount over the £500k.

Bottom line is, when you can afford a house of £1.5m, another £10-£20k isn't really going to break the bank.

Steve, it's still a piss take mate.... Why should we be screwed so hard and accept it? The average price where I live is possibly one of the highest in the country ( apart from areas of London) nothing below £800k is worth looking at.

 

[Rosco]

Hey I don't disagree Henry. What is nice to see is the sudden jump in price brackets, now it's a smoothed out system and about time too.

Another tax the rich job! I expect when labour get in next, they will then change it again and add a tier system.

 

[KnickeRS]

I can't see it making much difference really.
One thing it does stop is people struggling to sell their house for just over the thesholds. I remember when we were selling our old house for £550,000, we got so many offers of £499,995. Now if it is over £500,000, they only pay that little bit extra on the amount over the £500k.

Bottom line is, when you can afford a house of £1.5m, another £10-£20k isn't really going to break the bank.

I sort of agree Steve, maybe at the 1.5m threshold, as 1.5m gets you now a SD bill of 150k. But that is still a huge jump up from yesterday when it was (I'm not going to say "only") 105k. 1.5m and above though, 12%. So, if you buying a 3m pad, agreed you can probably afford it but yesterdays SD was 210k and todays is now 360k. That's 150k worth of spend that the High Street might now miss as people do not just have this shortfall kicking around. Yes they'll find it I'm sure over time and the government know this I suppose but I still think it's fucking disgusting. Twelve fucking per cent. What for I ask, what do we get for this ? Fuck all I tell thee.

 

[goatozaki]

When does this come into play?

 

[Henry]

I sort of agree Steve, maybe at the 1.5m threshold, as 1.5m gets you now a SD bill of 150k. But that is still a huge jump up from yesterday when it was (I'm not going to say "only") 105k. 1.5m and above though, 12%. So, if you buying a 3m pad, agreed you can probably afford it but yesterdays SD was 210k and todays is now 360k. That's 150k worth of spend that the High Street might now miss as people do not just have this shortfall kicking around. Yes they'll find it I'm sure over time and the government know this I suppose but I still think it's fucking disgusting. Twelve fucking per cent. What for I ask, what do we get for this ? Fuck all I tell thee.

Nick and Steve, this Stamp duty hike is seriously fecking unfair. When I heard this today I just about decided that enough is enough, I am sick of giving my money away to another shite government who is robbing all of us blind. I feel like going off on one but I'd be shouted down and everyone would get angry at me for saying exactly what most of us are thinking most of the time but don't have the balls to say.
Bollocks to the UK.

 

[Henry]

When does this come into play?

Midnight

 

[goatozaki]

Motherfuckers

 

[Rosco]

Nick you've got it wrong. There is a hike for purchases over £937500 but it's not like you think. It is tiered and when you go over those tiers you pay those rates between each tier not the top rate for the whole amount.
I'll find a table somewhere that explains it all.


Henry I don't like it one bit and is certainly unlikely to ever help me. We are planning on some commercial purchases that are unlikely to be benefitting from it. All I am saying is that it is not as bad as we first thought.