Budget 2017 - How does it affect you?

[Doc Holliday]

As per the title. Interested to hear how it affects us/you.

[daveboy]

My stepson is signing for his first house next week, so the stamp duty cut is good news for him.

[Lloyd90]

****** made me thread too late! Lol

The stamp duty changes will save my parter and I over £5000. 

Mid Heard rumours of changes but thought we would miss out - the words “with immediate effect” are very promising. 

Juat want to be 110% sure Bristol will be covered for us as ours is over £300k. 

[loriusgarrulus]

Not a lot of effect on us.

Nice not to have to pay more tax on diesel.

[TIGHTCHOKE]

47 minutes ago, loriusgarrulus said:

Not a lot of effect on us.

Nice not to have to pay more tax on diesel.

+1

[JohnfromUK]

1 hour ago, loriusgarrulus said:

Not a lot of effect on us.

Nice not to have to pay more tax on diesel.

Same for me as far as I can tell, though my 2007 diesel car will cost more each year in vehicle excise duty (tax disc).  I believe 1 group up which I think adds about £40 a year (not checked in detail, but Group I car)

[cromwell7]

3 hours ago, Lloyd90 said:

****** made me thread too late! Lol

The stamp duty changes will save my parter and I over £5000. 

Mid Heard rumours of changes but thought we would miss out - the words “with immediate effect” are very promising. 

Juat want to be 110% sure Bristol will be covered for us as ours is over £300k. 

It says you will still pay stamp duty if the property is over 300k?

Is it then banded for every x thousand over 300k?

[Lloyd90]

2 minutes ago, cromwell7 said:

It says you will still pay stamp duty if the property is over 300k?

Is it then banded for every x thousand over 300k?

I can only assume that it is the same percentage rate it would be - so 5% in this case - just you don’t pay what you would have up to £300k. 

We are in Bristol and houses are expensive so it’s a big saving for us - cut out stamp duty in half basically. 

Unless they change the banding - we will see. 

[cromwell7]

The Tories done it before no reason why they won’t again.

[Lloyd90]

1 hour ago, cromwell7 said:

The Tories done it before no reason why they won’t again.

What’s that? Change the banding? They better get on with it then we’ve got the Solicitors already acting. 

[cromwell7]

They scrapped stamp duty  in the past.

hopefully you get it immediately, you have up to 30 days to pay stamp duty from the day you can take possession of your house so that might give you a little buffer.

[Lloyd90]

1 minute ago, cromwell7 said:

They scrapped stamp duty  in the past.

hopefully you get it immediately, you have up to 30 days to pay stamp duty from the day you can take possession of your house so that might give you a little buffer.

Only just chosen our Solicitors so should be sorted by then  

People on the news already complaining how bad it is as House prices will go up now!! 

Tories cant do anything right ?

[Danger-Mouse]

No real effect on me other than the personal allowance increase.

[clakk]

Diesel car so ?,dont smoke so no effect there ever ,cant see a big difference to that usual life expense Gas/electric /water /council tax will all rise anyway so less to spend .No mention of scrapping the abomination of "green tax" bullfeathers £200 a year on your bills so the scanky energy companys can blight the countryside with big steel towers that wont run in high winds .

And then claim subsidys for them from our tax revenues country is run by village idiots 

[old man]

You maybe missed out on the total destruction  of the NHS by stealth?

[team tractor]

17 hours ago, Lloyd90 said:

****** made me thread too late! Lol

The stamp duty changes will save my parter and I over £5000. 

Mid Heard rumours of changes but thought we would miss out - the words “with immediate effect” are very promising. 

Juat want to be 110% sure Bristol will be covered for us as ours is over £300k. 

It’s says first time buyers only  Lucky for yourself but not really right. 

300k is a hell of a mortgage, glad I’m not paying it  

[Jaymo]

15 hours ago, JohnfromUK said:

Same for me as far as I can tell, though my 2007 diesel car will cost more each year in vehicle excise duty (tax disc).  I believe 1 group up which I think adds about £40 a year (not checked in detail, but Group I car)

From what I just read there will not be an increase for existing Diesel cars, just new registrations.

[JohnfromUK]

22 minutes ago, Jaymo said:

From what I just read there will not be an increase for existing Diesel cars, just new registrations.

Yes, I believe you are probably correct; I initially understood that it was to apply to older cars.  It makes more sense to apply to new only (especially to me!!) as I don't want tp change, though when I buy my next car, it may not be a diesel.

[Lloyd90]

44 minutes ago, team tractor said:

It’s says first time buyers only  Lucky for yourself but not really right. 

300k is a hell of a mortgage, glad I’m not paying it  

Yes mate we are first time buyers - expensive in the city but there’s plenty of work around and more opportunities so here for a while. 

Mortgge would be more if we were so fortunate to have families who help such a huge way. 

This is the reality for lots of people though,  if your family can’t afford to give you a deposit you’ll struggle. 

[Eyefor]

18 hours ago, Lloyd90 said:

The stamp duty changes will save my parter and I over £5000.....

Just want to be 110% sure Bristol will be covered for us as ours is over £300k. 

 

14 hours ago, cromwell7 said:

It says you will still pay stamp duty if the property is over 300k?

Is it then banded for every x thousand over 300k?

 

14 hours ago, Lloyd90 said:

I can only assume that it is the same percentage rate it would be - so 5% in this case - just you don’t pay what you would have up to £300k. 

We are in Bristol and houses are expensive so it’s a big saving for us - cut out stamp duty in half basically. 

 

I would be careful with the assumptions.

The wording is

• Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000
• To help those in London and other expensive areas, the first £300,000 of the cost of a £500,000 purchase by all first-time buyers will be exempt from stamp duty, with the remaining £200,000 incurring 5%.

To me that could read that, for a house purchase of over £300K (£500K in London and other expensive areas), the whole stamp duty could be payable?

Who is defining the "expensive areas"?

Edited November 23, 2017 by Eyefor

[Lloyd90]

10 minutes ago, Eyefor said:

 

 

I would be careful with the assumptions.

The wording is

• Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000
• To help those in London and other expensive areas, the first £300,000 of the cost of a £500,000 purchase by all first-time buyers will be exempt from stamp duty, with the remaining £200,000 incurring 5%.

To me that could read that, for a house purchase of over £300K (£500K in London and other expensive areas), the whole stamp duty could be payable?

Who is defining the "expensive areas"?

I also interpreted that - however at present am not seeing any specific areas mentioned ad several outlets are putting forth the scenario I mentioned - Martin Lewis on his old money saving expert is normally on the ball and he is saying the same as I have (so far) - 5% on the £300,001-500,000 and no mention of areas. 

It is however mentioned that if the property is £500,001+ that all stamp duty must be paid. 

[cromwell7]

Hopefully you get away with it mate, it’s a hideous tax that in some cases prices people out of their dream house.

my sale and purchase fell through back in September and the only upside is I never paid that con of a tax.

 

[Eyefor]

21 minutes ago, Lloyd90 said:

I also interpreted that - however at present am not seeing any specific areas mentioned ad several outlets are putting forth the scenario I mentioned - Martin Lewis on his old money saving expert is normally on the ball and he is saying the same as I have (so far) - 5% on the £300,001-500,000 and no mention of areas. 

It is however mentioned that if the property is £500,001+ that all stamp duty must be paid. 

Hmmm...

Martin Lewis has put

If you're buying a higher value property you'll pay a different rate for different proportions of the property's price and they'll all add together to give the final stamp duty you pay. This works as follows:

• Up to £125,000 purchase price: 0% stamp duty
• £125,000.01 to £250,000: 2% (on that portion of the purchase price)
• £250,000.01 to £925,000: 5% (on that portion of the purchase price)
• £925,000.01 to £1,500,000: 10% (on that portion of the purchase price)
• £1,500,000.01+: 12% (on that portion of the purchase price)

For example, if you're buying a property costing £670,000, you'll pay £23,500 in stamp duty, made up of 2% of the portion of the property costing £125,000 to £250,000 (ie, £2,500) and 5% of the portion from £250,000.01 to £670,000 (ie, £21,000).

so if you buy a house up to £300K (£500K in "expensive areas) it bears no stamp duty for a first time buyer.

To me, that still reads that if you buy a house for £300+K (£500+K in expensive areas) - a first time buyer will still pay the full (old) amount ?

Just out of interest, if you buy combined domestic dwelling plus land in one transaction it is not fully "residential" - but becomes "mixed". Stamp duty 1%..... 

Edited November 23, 2017 by Eyefor

[Smokersmith]

Buying houses is like getting married ... you should aim to do it as few times as possible !!

[Mice!]

24 minutes ago, Smokersmith said:

Buying houses is like getting married ... you should aim to do it as few times as possible !!

Nah have to disagree with that one, on our forth house now, with a couple of rentals in-between. Each house has been a bit different a bit bigger, England Scotland and back to England, might have been nice to just do it once but then we wouldn't be where we are now.

only one wife though ? 

Edited November 23, 2017 by Mice!