Submitted on Saturday 20th February 2016
Published on Monday 22nd February 2016
Current status: Closed
Closed: Monday 22nd August 2016
Signatures: 134
No higher rate stamp duty, up front, for people who are buying / selling a home.
From April 1 2016, if you buy a new home and have not yet managed to sell your current home, for any reason, you will have to pay the higher rate of stamp duty UPFRONT. On a £250,000 purchase, you will have to pay £10,000 stamp duty instead of the normal amount of £2,500. See example, below:
D and E are purchasing a property jointly which is intended to be their main residence. E already owns a property, which was previously used as a main residence, which he will not have sold at the time of purchase - even though it is for sale. Upon purchase, as E will own two properties and has not replaced his main residence, the higher rates will apply.
You get a refund of the higher rate if one of the property is sold within 18 months.
It is unfair to have to pay the higher rate upfront.
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18.224.59.138 Thu, 21 Nov 2024 15:14:59 +0000
