What is Happening With Stamp Duty? | Grace Homes

What is Happening With Stamp Duty?

Stamp Duty, and potential reforms to it, have been on the lips of many house buyers over the past couple of months, so what do we know? According to Estate Agency Today, unfortunately very little. They state: "November 6 has been declared Budget Day - at least if there is a Brexit deal agreed in principle in the next week. If no deal is agreed or there is a further delay in the Brexit process, it is thought likely that the Budget will be pushed back several weeks until at least early December. Should it go ahead on November 6 it is thought likely that Chancellor Sajid Javid will announce some kind of reform to Stamp Duty."

In early summer, Boris Johnson proposed increasing the threshold of Stamp Duty for residential properties from £125,000 to £500,000 and lowering the top rate from 12% to 7%. However, in yesterday's Queen's Speech, there was very little mention of the housing sector at all, and no specific mention of Stamp Duty, leading some to speculate that no changes are likely to take place in the near future.

Whilst this gives no concrete answer as to the Government's plans, it is worth bearing in mind that Stamp Duty isn't payable until after you have completed the purchase on your property. You then have 14 days to file a Stamp Duty Land Tax (SDLT) return and pay any SDLT due. Given the average house purchase will take a minimum of 6 weeks (although timescales will always vary depending on the buyer's and seller's circumstances), if you are thinking of making a purchase in the near future it is likely that any imminent changes to Stamp Duty will be announced before you are required to file an SDLT return. This means you will be in line to benefit if any imminent favourable changes are to be made.

However, should you wish to remove any uncertainty about paying Stamp Duty, we have several new homes for sale where we will pay the Stamp Duty for you. View our featured properties.

Stamp Duty, and potential reforms to it, have been on the lips of many house buyers over the past couple of months, so what do we know? According to Estate Agency Today, unfortunately very little. They state: "November 6 has been declared Budget Day - at least if there is a Brexit deal agreed in principle in the next week. If no deal is agreed or there is a further delay in the Brexit process, it is thought likely that the Budget will be pushed back several weeks until at least early December. Should it go ahead on November 6 it is thought likely that Chancellor Sajid Javid will announce some kind of reform to Stamp Duty."

In early summer, Boris Johnson proposed increasing the threshold of Stamp Duty for residential properties from £125,000 to £500,000 and lowering the top rate from 12% to 7%. However, in yesterday's Queen's Speech, there was very little mention of the housing sector at all, and no specific mention of Stamp Duty, leading some to speculate that no changes are likely to take place in the near future.

Whilst this gives no concrete answer as to the Government's plans, it is worth bearing in mind that Stamp Duty isn't payable until after you have completed the purchase on your property. You then have 14 days to file a Stamp Duty Land Tax (SDLT) return and pay any SDLT due. Given the average house purchase will take a minimum of 6 weeks (although timescales will always vary depending on the buyer's and seller's circumstances), if you are thinking of making a purchase in the near future it is likely that any imminent changes to Stamp Duty will be announced before you are required to file an SDLT return. This means you will be in line to benefit if any imminent favourable changes are to be made.

However, should you wish to remove any uncertainty about paying Stamp Duty, we have several new homes for sale where we will pay the Stamp Duty for you. View our featured properties.

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