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Stamp duty holiday!


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Just now, Gloommonger said:

Does this apply to sales already in progress? If not, I could see a few chains collapsing.

Yes, stamp duty is levied at the rate in force when the transaction is completed. This is generally the point where legal ownership is transferred.

https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm07600

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Posted (edited)
3 hours ago, Bedrag Justesen said:

One EA on ITV News tells us buyers are coming in offering full asking price now they are saving Stamp Duty.  :)

Yes  .... average stamp duty paid is 4k. 50% of peoples income will have fallen by that this year.

Simple question - will stamp duty increase the number of buyers?

Or will it increase the number of sellers?

It wont increase the number of banks. And it wont increase  the number of mortgages.

Banks are running away from the UK mortgage market. The few remaiiners wont start lending til next year.

Edited by spygirl
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It's been announced at the same time as

Quote

 

https://www.fenews.co.uk/fevoices/50935-new-2bn-kickstart-scheme-to-create-hundreds-of-thousands-of-new-jobs-for-young-people

New £2bn Kickstart Scheme to create hundreds of thousands of new jobs for young people

 

Then the question is which young people.  Dinghy young people?

Another question is why never before.  Why never before if it's so critical for recovery.

Unless the answer to so many of these questions is that the country is being run by greedy self serving imbeciles.

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4 minutes ago, twocents said:

It's been announced at the same time as

Then the question is which young people.  Dinghy young people?

Another question is why never before.  Why never before if it's so critical for recovery.

Unless the answer to so many of these questions is that the country is being run by greedy self serving imbeciles.

The Government will fund each “Kickstarter” job covering 100% of the National Minimum Wage for 25 hours a week – and employers will be able to top up this wage

I make this a £5668 bung to a business for employing a yoof for 6 months. Of course if they really wanted to help the yoof they would just stop subsidising low skilled immigration. Waycis though innit.

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Fewer European workers coming into London after Brexit. Chinese buyers will be scarce. Major recession coming after Covid19.

EAs are convinced that Londoners are going to move to the sticks and create a bonanza in the Home Counties.

So... who are these Londoners going to sell up to, assuming they even have positive equity...?

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1 hour ago, gibbon said:

All this means is BTL slumlords will have bit more cash to spend on their new range rover instead. Won't effect the residential market whatsoever. People will still be priced out.

Well we must of suspected they will protect house prices they have done it in many different ways since 2009.now the question can only be what are you going to do about it .

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