The Chancellor has just announced the threshold for stamp duty will go up to £120,000.


We are due to exchange contracts today and complete next Thursday.
The house we are buying is £109,000

Does anyone know when this higher threshold will come into affect?
I might have to put off the excahnge date.


Matt.

 

I think it's from midnight tonight
Ian

 

thinks its from midnight the day after ya exchange

 

It's not been confirmed when the new stamp-duty threshold will come into effect...keep an eye on the bbc mate!!

 

Yep as of midnight tonight

 

ooooohhhh

we got word our place will be vacant by the end of april so it should be done for then

the house is £126500 tho

 

have a deal with the seller to pay 120K on paper and 6.5K in cash explain the situation Iam sure they would help,stamp duty is a total fucker my new place iam looking at the duty will be 12K

 

im guessing that the duty rules does fook all for ya then

id rather live in a shed than pay 12k to the government in 1 go, id never sleep for weeks

i spent a few quid on shopping last night and went OTT on other stuff and almost fainted at the final bill, 12 i would have died on the spot

 

no one like paying the tax but we all have to if you want the nice things in life,i cant get my head around fucking death duty
you die they burn you the tax man wnats what you have made and lived for all your life,fuck em all i will rather give it away

 

ill pm ya my account details

 

Sorry What is stamp duty?

 

anything over 120 and you have to pay 1% stamp duty.

so my house im buying is £126500 stamp duty would have been £1650 as the threshold was £110000 i think.

so now ill "only" have to pay £650...


i think

 

simple another fucking tax
if your fortunate enough to be able to buy a house over 120K you have to pay the goverment 1% £1200 of your hard earned for fuck all go over 300K and its 3%
as again the fortunate gets fucked in the arse

 

not bitter are we pete

must admit the inheratance tax is a coont , my old man has stuck his stuff in my little girls name as he would rather the tax man had it than me

is a fooker though

 

Nearly you will have to pay £1265. (1% of the whole sale amount) This change in the rules will not affect you. Unless, as said above, you can get the seller to agree to take less for the house and you make up the difference in cash, to bring your buying price below the £120k threshold.

Careful though, as you might have issues with your lender, as they will now be lending you money against a house that is worth less (in their eyes) than they originally thought.

 

Spoke with our Solicitor and she is awaiting confirmation from the Inland Revenue.

But if its all as the news says and the new threshold is £120,000 from midnight tonight we have just saved ourselves £1090

 

apmsl - can we call you Sheriff of Nottingham?? "Rob from the poor to feed the rich"

The government has to collect tax - live with it or become a gypsy.

Makes much more sense for a larger proportion of that tax to be collected from richer people surely???

 

doh, i will try and find out more about it then

 

Good news!!! dodging 1k in tax would certainly put a big grin on my face!!

 

dodgying 10 quid in tax makes me happy

 

Word Ginge, word

 

You earn they tax......

You then spend your earnings and that again they tax........

And as said above

You die and they tax again......

Alot to be said for cash in hand jobs and having a bloody good accountant when you are self-employed

 

Fudge,

the threshold was £60k anyway mate..

 

@b19bal

 

Hmm tax is a coont. I pay more in tax every month than I used to earn when I was 18!

I would suggest (inheritance wise and for pensions) that you 'shift' the wealth so to speak between family and other halves etc if yuo are married...and make sure you have a will. Remember if your estate is worth over £250k then that's when they tax the hell out of you so just move it all to where they cannot get it...totally legitimate tax avoidance. As usual, those who know get away with it and those who don't (usually worse off) lose out If you die and your estate goes into probate say goodbye to a lot of your estate...thanks again to the govt.!!!

Get writing those wills if you own a house!!!

Dave

 

[quote="Pete,RS Specialists"]simple another fucking tax
if your fortunate enough to be able to buy a house over 120K you have to pay the goverment 1% £1200 of your hard earned for fuck all go over 300K and its 3%

Think its you will find £250K - £500 is 3% and anything over is 4%



I`m just moving house & have to find £15K think of the escos that would build

 

[quote="dangerous - reyland"]isnt that what I said

 

when you earn more money mate lets see what yopur reaction will be then

 

I've had nearly 2k in deductions this month, I don't like it, but I'll have to live with it. No way am I going to suggest that they should collect that money from the less fortunate (as you indirectly have).

 

here we go again some one jumping to a stupid conclusion,where does it say that in my post,it say "fortunate" which does not mean rich,Iam "fortunate" which means iam in a very good fianiacl posistion doesnt mean iam rich,think about as for 2K a month I only wish i had your tax bill

 

i dont get taxed on any of my earnings

 

It will definitley cause issues with the lender as you would be getting it at a discounted price... and the Insolvency Act would come into play, which was introduced to stop people who are going bankrupt transfering the property to others (such as friends/family) for almost nothing - it means that should the seller go bankrupt in the next few years their creditors would have a right to claim their debt against your property. You can get insurance around this but might not be worth the hassle.

Also of what benefit to the seller is this? They risk not getting the balance cos you could say 'get stuffed' afterwards.

And the Valuation Office could well notice an undervalue in property (and will probably be on the look out for this situation now) and you will end up paying it in the end - Sorry

 

you all moan lol, but do any of you remember what it was like in scotland when Tory "Thatcher" decided she would TEST the poll tax on us

Everyone has to pay tax, at least its better now that the Rich pay their fair share

 

i dont

 

 

I thought it was possible to pay something like 120k for the house and 6.5k for the fixtures & fittings or furniture etc.. that way you could avoud the stamp duty

 

Possibly as identifying 'Chattel' items - however not all fixtures can be included...

More info here if your serious - possibly worth doing on £126.5k ???...
http://www.vanderpumpandsykes.co.uk/...ticle%2005.pdf

However bear in mind if you are dependant upon the value of your property to maintain you maximum mortgage amount - as doing this would lower the headline price and hence the mortgagable value.

 

15k

WTF have you bought???

 

gee. I need a new house, because of growing family. - Nada round here for 120 bags.

Stamp duty's an absolute swizz. The threshold should be say £400k, and then @ 5 or 10%.

get it off the REALLY rich bods, not the middle classes. It's a tax just for the sake of it.