New Home Owners And Snagging Forum

Home Owners => Buying and Selling => Topic started by: Philofacts on July 18, 2011, 03:04:39 pm

Title: Reduced Stamp Duty rates for multiple residential purchases
Post by: Philofacts on July 18, 2011, 03:04:39 pm

Those who buy several residential properties at the same time would be financially better off waiting until the Royal Assent to the Finance Act 2011.
This could enable them to reduce the Stamp duty rate on the transaction from 5% to the minimum 1%.

Under the new relief, the percentage rate charged will be based on the average price for each home in the transaction.
It is not automatic but can be claimed by the purchaser.  See Reduce your stamp duty  (http://www.brand-newhomes.co.uk/stamp_duty_when_buying_a_new_home.htm)

This would benefit anyone buying a higher price new home and buy-to-let investors.
Quite how this will raise revenues for the treasury to help with reducing the country's budget deficit is not readily apparent.

Title: Re: Reduced Stamp Duty rates for multiple residential purchases
Post by: Banjo on July 20, 2011, 09:16:04 am

I thought the government was supposed to be cutting loopholes and raising revenues to help with the deficit.
Al this will do is enable wealthy buy-to-let investors to save stamp duty land tax.
So much for austerity!