No Major Changes to Stamp Duty in 2017 Budget

We recently speculated on whether there would be any changes to stamp duty announced in the spring Budget of 2017. We thought it unlikely that any changes would be introduced at this stage although the most likely change would be to increase the threshold at which stamp duty was payable up from £125,000 (for first home purchases) so that the number of first time buyers who had to pay stamp duty was reduced.

One Small Change

As it happened, there was only one small change to do with the payment of Stamp Duty announced in the 2017 Budget. This change was actually just a delay in a change that will still happen in 2018. The change affected is the time period that people have to submit their Stamp Duty Land Tax payment after the transaction completes.

It had been announced that the time period would reduce from 30 days to 15 days after the transaction but in fact the decision was made, and the announcement was made in the budget, that the 30 day period would be extended until April 2018, instead of being introduced in April 2017.

In the past it has been usual for the solicitor to submit the payment on your behalf which they would do possibly with the proceeds of the sale of the previous property. Although the solicitor can submit the payment and the form on your behalf, you can also submit this yourself.

With the increase in recent stamp duty payments the extra 30 days can be useful to be able to get hold of the cash that is needed to pay the stamp duty. You can find out full information about how to pay (you can pay online, at a bank or at the post office among other options) on the government website.

No Major Changes to Stamp Duty in 2017 Budget

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