If you ever want proof that the Government can’t get a handle on its own policies, follow the link at the bottom.
Estate agents know only too well that the Stamp Duty holiday finished at the end of December, meaning that once again, the tax is payable on properties from £125,000.
However, in the official guide to home-buyers, the Government advises that Stamp Duty is payable from £175,000.
It might be funny if it weren’t for the fact that we know of at least one estate agent who lost a sale because the buyers had done their cost calculations based on this avice.click here
.png)
Comments
also if the buyers actually use the calculator on the link above it calculates 1% above £125k not £175k so the quoted figures are correct just the deadline figure is wrong
its always everyone elses fault. At what point did the agents or the solicitors not clarify the situation? surely when the buyers were financially qualified they were made aware of the fact there was a need to budget for third party costs such as land registry and stamp duty. All this sounds like to me is a crap sales team not looking after a first time buyer very well
This takes me back a year or two ! Comas were always regarded as being reliable, but wouldn't really go up hills with more than 2 horses aboard. Ford Cargo's were better in this regard, but their cabs did rot badly.
"It might be funny if it weren’t for the fact that we know of at least one estate agent who lost a sale because the buyers had done their cost calculations based on this avice." Hmmm - firstly, have these people been in a coma? It made the news headlines, I believe... Secondly (assuming that they HAD been in a coma...) - where were their advisers in all this - including the Agent? Don't people communicate these days? Thirdly (still assuming all of the above...) - so has the Agent lost the skill of negotiation? A 'hidden' cost of no more that £1750 popped up out of thin air, and a buyer was allowed to walk away? Must be back in boom times (and I must have been in the same coma - I missed the arrival of said halcyon days...).
Another thing. The 'Disadvantaged Areas Stamp Duty Exemption' is valid up to a maximum of £150,000, so there is little to gain in that sense. In 2001, this figure pretty much did mean exemption - but in 2010 it is yet another empty gesture from our wonderful leaders...
Dan T: A brief reminder that if an Estate Agent gives misleading information they risk CRIMINAL prosecution under the PMA. If one of the Agents on here had this on their details, Mr Brown would be reaping the benefit of the fine already, I am sure...
Dan T:
"If the purchase price is over £175,000 you pay Stamp Duty Land Tax of between one and four per cent of the property value".
Any normal person would take that as being the Duty is only payable over £175,000 (the agent should advise if the property is in a 'disadvantaged' area).
The Government Website is oftens out of date. They were also very late when the capital gains tax changes happened. Never trust it.
Pity it's not like Asda, if they have an incorrect or confusing offer they don't quibble ... oh what a nice thought, the government honouring all its promises ..... take me away to la la land ...
Not usually one to defend Government but strictly speaking the site is correct - although misleading!
I quote their site
"Stamp Duty
If the purchase price is over £175,000 you pay Stamp Duty Land Tax of between one and four per cent of the property value. However, if the property's in a designated 'disadvantaged' area, you may not have to pay any Stamp Duty Land Tax at all. With some new builds the developer will pay your Stamp Duty Land Tax for you."
If the purchase is over £175k then they do pay Stamp Duty - it doesn't say below £175k you don't!
Come on Mr Cameron sort things out