Raising stamp duty in autumn budget

[Levo-Lon]

We have our house on the market as do many others.
Average price around Peterborough is 200-400k so this raising to 500k before paying will in effect kill the housing mkt for 3 months.

Don't get me wrong we are looking at a 300k house so it will be a big saving but where is the logic in announcing it now.

3 months of lockdown now this.
I'm struggling to see any good points

 

[Darius_Jedburgh]

I don't follow how raising the level at which tax is paid can be a bad thing.

What is an housing mot?

 

[winjim]

I don't follow how raising the level at which tax is paid can be a bad thing.

What is an housing mot?

The chancellor wants to stimulate the housing market by giving buyers a tax break. But by announcing it three months early he's ensured that nobody will buy or sell a house until it comes in.

 

[vickster]

What is an housing mot?

No idea, where’s it mentioned? Is it the energy report (EPC)?

 

[winjim]

No idea, where’s it mentioned? Is it the energy report (EPC)?

I think he means mkt, which op used as an abbreviation for market.

 

[vickster]

I think he means mkt, which op used as an abbreviation for market.

Well yes, I know that but he did say mot. Thanks for clarifying 👍

 

[Levo-Lon]

No idea, where’s it mentioned? Is it the energy report (EPC)?

I edited ,my phone does like to speak for me

 

[Levo-Lon]

I don't follow how raising the level at which tax is paid can be a bad thing.

What is an housing mot?

Spell check ..I edited in the same minute I wrote the post.

So you were a bit quick

 

[Beebo]

To answer the OP question.
I think he is having a mini budget on Wednesday. It would be madness to announce it, then wait 3 months.

 

[Levo-Lon]

To answer the OP question.
I think he is having a mini budget on Wednesday. It would be madness to announce it, then wait 3 months.

Quite, but that's what I'm seeing on news feeds..madness indeed

 

[Drago]

For administrative and legal reasons he has to give a bit of notice, and the secret would quickly leak anyway.

In addition, if it could be introduced instantly or imminently theres a risk that transactions already in progress could falter or be cancelled if people think they'll save a few quid by stepping away from contracts, potential major disruption.

Whichever way he does it someone will suffer, so may as well give proper notice and do it effectively.

 

[Levo-Lon]

We should know later,seems there's be a re-think ,so hopefully a sensible approach

 

[Beebo]

The stamp duty holiday starts now to March 2021.

 

[vickster]

Presumably still 5% over £500k on the full amount?

 

[Levo-Lon]

Quite pleased about that.
Nearly 5k saving for us and 4.5k for who buys our house.


Daughter is in the process of moving too so nice for her , pay the removals and solicitors..