The new government has announced that its first Budget is to be held on Wednesday March 11 - and it’s giving the property sector a chance to communicate their thoughts
Last summer Prime Minister Boris Johnson said during his Tory leadership campaign that he would consider raising the stamp duty threshold from £125,000 to £500,000 and cutting the top SDLT rate from 12 to seven per cent.
At around the same time the new Chancellor, Sajid Javid, made clear in media that he also wanted this reformed and with a fall in revenue from 2017/18 of over £700m relating to Stamp duty increases something needs to be done
Central London high value property transactions have been particularly effected with buyers put off paying 6 & 7 figures sums on SDLT and lets not forget this is a cash outlay as the banks don’t fund SDLT
Many buyers are putting off completions until they see what is going to happen , we would suggest you speak to your solicitor if you have a completion due around this time to see what the legal implications are as while were all hopeful that on the 11th March changes are made no one can be sure if anything will happen and when any changes will be implemented.