The Budget 2010 and stamp duty

peter212693 · 24 Mar 2010 at 08:48

Hi all,

One thing on the agenda today in the budget is stamp duty threshold. My partner and I started the ball rolling buying a house on Monday for 130k. Now this means we will be paying £1300 stamp duty at the minute. Now if they announce today that the threshold is going up and we wouldn't have to pay stamp duty on a 130k house, when is this likely to start from? Are we likely to have the stamp duty taken away from our purchases even tho we have started the ball rolling?

Thanks for your help.

Von Smallhausen · 24 Mar 2010 at 08:54

We will have to find out when Mr Darling announces this.

If past history is anything to go by, most tax takes tend to be straight away and tax give backs are delayed.

With an election coming up though, it might be straight away.

Rotty · 24 Mar 2010 at 08:57

If it is changed straight away and you have yet the complete your purchase I think that the new rules would apply to you

peter212693 · 24 Mar 2010 at 09:03

Von Smallhausen said:
We will have to find out when Mr Darling announces this.

If past history is anything to go by, most tax takes tend to be straight away and tax give backs are delayed.

With an election coming up though, it might be straight away.

I was under the impression that the start date would be announced the same time

Rotty said:
If it is changed straight away and you have yet the complete your purchase I think that the new rules would apply to you

*Crosses Fingers*

Von Smallhausen · 24 Mar 2010 at 09:07

As I say peter, with an election coming up it is likely to be active straight away if indeed it is happening.

Nick Robinson had a good source last night saying it is looking likely and his sources tend to be very good.

I hope it does work out for you. 1800 quid is definitely better in your pocket that the Treasury's.

peter212693 · 24 Mar 2010 at 09:10

Von Smallhausen said:
As I say peter, with an election coming up it is likely to be active straight away if indeed it is happening.

Nick Robinson had a good source last night saying it is looking likely and his sources tend to be very good.

I hope it does work out for you. 1800 quid is definitely better in your pocket that the Treasury's.

It is indeed! We have budgeted for it but like you say its better in our pockets

Thanks for your help mate

Rotty · 24 Mar 2010 at 17:31

looks like your luck is in

Ahleckz · 24 Mar 2010 at 17:56

Rotty said:
looks like your luck is in

Only if he's a first time buyer! I assume if it's a joint purchase, then both parties need to be first time buyers...

peter212693 · 24 Mar 2010 at 19:33

It is

and the good thing is we are both first time buyers, made up about that! Shame the rest wasn't so great

Tom84 · 24 Mar 2010 at 22:13

Yep from midnight tonight Stamp Duty is exempt for first time buyers buying under 250k

I'm completing my house purchase tomorrow so this came bang at the right time

GreenMint · 25 Mar 2010 at 00:38

I'm in the same boat, so hopefully this should save my partner and myself about £1350

Thanks darling! Although you'll take it all back in fuel hikes!