# New stamp duty.



## johnnyc (Nov 18, 2008)

Just seen the new stampt duty rules. 

I'm just in the process of buying a new build and as such contract not exchanged yet. 

They have offered to pay 1% stamp duty (£354,950 house)

So my question is I know I will be on the new rules so how should I go about speaking with the new build now? I dont want to feel like i've lost out on the new stamp duty benefit

cheers for any advice


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## dubb (Aug 27, 2009)

Pinched this off the BBC website

_Anyone in the throes of buying a property, having exchanged contracts already but not completed, will be able to choose whether to use the old or the new system._


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## Bristle Hound (May 31, 2009)

See -
http://www.bbc.co.uk/news/business-30309468

HMRC Calculator for new rates -
http://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm

Interestingly the taxes for a £250,000 house remain the same


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## Dan_W (May 30, 2013)

Bristle Hound said:


> See -
> http://www.bbc.co.uk/news/business-30309468
> 
> HMRC Calculator for new rates -
> ...


Cant say I understand that one bit, it says its gone down but the % has gone up.. am I having a blonde moment.


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## Dan_W (May 30, 2013)

Cracked it after watching the video..


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## lofty (Jun 19, 2007)

I'm confused how the builder was paying 1% on a £300k+ property as the old rate was 3%.
There will be less to pay now, but only the builder can tell how much they are willing to pay on your behalf.


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## johnnyc (Nov 18, 2008)

Thanks all. Just to clear things up 
The builder agreed to pay 1% worth £3549.50 and I would pay the remainder 2% stamp as per the old rules.

Now with the new rules I wonder if the builder will still give me £3549.50 towards stamp duty or whether they will give me 1% of the new 2 % bracket or the high 5% bracket?


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## S63 (Jan 5, 2007)

Can someone with more economic nous than me explain why we should even have stamp duty? Don't we pay enough taxes already?


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## ChuckH (Nov 23, 2006)

S63 said:


> Can someone with more economic nous than me explain why we should even have stamp duty? Don't we pay enough taxes already?


Well I definitely haven't got more economic nous then you but I can 100% explain why we have stamp duty..

Cos the greedy bas tards can and will get every copper coin they can off us !

Do I get a prize ?


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## Darlofan (Nov 24, 2010)

johnnyc said:


> Thanks all. Just to clear things up
> The builder agreed to pay 1% worth £3549.50 and I would pay the remainder 2% stamp as per the old rules.
> 
> Now with the new rules I wonder if the builder will still give me £3549.50 towards stamp duty or whether they will give me 1% of the new 2 % bracket or the high 5% bracket?


just get them to pay your stamp duty as it'll be a lot less. Think yourself lucky too, we bought 2 weeks ago so have lost out to the tune of £1400😢😢😢


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## mistryn (May 17, 2007)

Its a shame that those buy in the 250k bracket don't benefit


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## WP-UK (Apr 24, 2011)

mistryn said:


> Its a shame that those buy in the 250k bracket don't benefit


It's only £250,000 itself that hasn't changed so anyone paying less than that is still benefitting.

The positive news for sellers is that it eradicates the old issue of the stamp duty 'threshold' where properties worth £260/265k and £525k etc sold for less due to buyer not wanting to raise above the next tax band.


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## MDC250 (Jan 4, 2014)

mistryn said:


> Its a shame that those buy in the 250k bracket don't benefit


Urm they do in my book.

As has been posted sales prices on or near stamp would historically have brought prices back to just below thresholds.

Now if you sold for say £251k there is still a massive saving as compared to the old calculation.

Handy as should mean I'll hopefully get more for mine come sake time next Spring...


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## Zetec-al (Feb 28, 2011)

Do you pay stamp duty on new build houses and first time buyers? Silly question I know but looking to buy next year!


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## S63 (Jan 5, 2007)

Zetec-al said:


> Do you pay stamp duty on new build houses and first time buyers? Silly question I know but looking to buy next year!


As far as I know there aren't any concessions for first timers or new builds, I have occasionally seen stamp duty paid for by developers in an attempt to attract business.


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## lofty (Jun 19, 2007)

Zetec-al said:


> Do you pay stamp duty on new build houses and first time buyers? Silly question I know but looking to buy next year!


Unfortunately you will. There were some exceptions a few years ago for new builds but don't think they are still around.


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## danwel (Feb 18, 2007)

Mine works put being £200 better off so that's a bonus


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## danwel (Feb 18, 2007)

lofty said:


> Unfortunately you will. There were some exceptions a few years ago for new builds but don't think they are still around.


I was lucky 5 years ago when they had the stamp duty holiday:thumb:


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## mike13098 (Jan 21, 2012)

S63 said:


> As far as I know there aren't any concessions for first timers or new builds, I have occasionally seen stamp duty paid for by developers in an attempt to attract business.


they will factor it in elsewhere but generally they do help contribute if you are any good at negotiations


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