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bigduckontax
bigduckontax, Accountant
Category: Tax
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I am in the process of purchasing a new house for £415,000

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I am in the process of purchasing a new house for £415,000 which has a stamp duty of £10,750. The completion date is expected to be about the 3rd week in February. I hear there is a strong change on March 11th budget the government will announce scrapping stamp duty on all properties below £500,000.
JA: Have you talked to a tax professional about this?
Customer: No
JA: Anything else you want the Accountant to know before I connect you?
Customer: No
Customer: replied 8 days ago.
I would like to know if there is anyway I could get this stamp duty refunded if the government does change the stamp duty on March 11th

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question. You may not be aware that Stamp Duty was a primary cause of the American Revolution!

 

The rumour mill says:

 

'The new prime minister is proposing three main changes to how stamp duty is paid in England and NI:

  • The seller pays stamp duty, not the buyer. ...
  • Increase the first stamp duty threshold from £125,000 to £500,000. ...
  • Reduce the top rate of stamp duty from 12% to 7%.'

However, don;'t bank on it until it becomes law. You will not be able to recover the duty paid under an earlier regime.

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 8 days ago.
If announced do you know if it would likely become law on March 11th or would it be more likely later e.g. April 6th?

It is in the lap of the Gods, but changes usually take effect on Budget Day, irrespective of when the Finance Act actually passes.

 

Thank you for your support.

Customer: replied 8 days ago.
Ok thank you very much

Delighted to have been of assistance.