IS STAMP DUTY STOPPING PEOPLE FROM MOVING ?
Only 6% of people are looking to move home in the next 12 months, according to research published last month by Rightmove.co.uk.
In a report published before last week’s stamp duty reforms were unveiled, it was revealed many home owners or potential buyers were delaying moving and were waiting for positive news in the Chancellor’s Autumn Statement.
The findings showed reform to property tax law is high on the agendas of house hunters, with 35% wanting adjustments to payment thresholds and 30% asking for it to be completely scrapped.
The property website compiled the data from 41,146 responses to a questionnaire which surveyed people who were looking at moving, or in the process of purchasing a new property.
STAMP DUTY REFORMED WITH IMMEDIATE EFFECT
George Osborne outlined reforms in his Autumn Statement, with his changes aimed at stimulating the housing market and appealing to undecided voters in the months leading up to next year’s general election.
The new stamp duty thresholds are positive for those whose homes cost less than £925,000 but there are now higher tax rates in place for houses worth over that amount.
The new system means houses worth between £925,000 and £1.5 million are taxable 10% and houses worth more now command a 12% rate, meaning legally compliant mitigation remains a popular option for those looking to buy.
Forecasts suggest 75% will have to pay stamp duty of at least 1% on property purchases by 2018, a result of rising property prices which has left London homeowners increasingly in favour of extending rather than moving.
STAMP DUTY MITIGATION THROUGH FIDUCIA
If you want to buy a new home and are put off by your property tax obligations, Fiducia can help you mitigate stamp duty on high value homes.
Fiducia work with the country’s top barristers to ensure you receive the best advice possible when you mitigate your Stamp Duty Land Tax rates.
Call Fiducia today on 01625 599 200 or contact us to find out more about what we can offer you.