Tag: Stamp Duty
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Preparing a Stamp Duty Land Tax policy
In light of the recent changes to the CQS Core Practice Management Standards (CPMS), it is imperative for CQS-affiliated firms to establish a comprehensive policy pertaining to Stamp Duty Land Tax, as stipulated in section 5.15. This adjustment underscores the importance of compliance with regulatory requirements. CQS compliance consultants strongly advise firms to review and…
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CoT Submissions for LBG (Scotland)
Following last week’s Budget announcements the temporary Stamp Duty waiver for properties will be extended to the End of June for properties in England/Wales and Northern Ireland. The existing waiver for Scotland will cease at the end of March. LBG still anticipate a large increase in queries and completion related activity for the March month…
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Costly Oversight: Call of Duty
Research from TSB shows that around a quarter of first-time buyers are failing to take stamp duty costs into account when putting in an offer on their new home. But the oversight is not limited to FTB’s. Existing homeowners fail to factor in the stamp duty, with around 14% of those buying their second or…
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When is a first-time buyer ( FTB ) not a first-time buyer?
Whist the Chancellor’s plan to scrap the stamp duty below £250,000 for first-time buyers will give the housing market a new boost, the extent of the boost will be determined by the definition of “ Fist Time Borrower”. According to HMRC in order to qualify for the stamp duty relief a buyer must not have…
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Council of Mortgage Lenders calls for abolition of Stamp Duty
The CML in recent report expressed it’s belief that fundamental reform of stamp duty is necessary. It states that it regards Stamp Duty as a tax that discourages labour mobility, and with it’s “ tier ” structure has the effect of causing transactions to “bunch” just under each of the tax thresholds. The CML state…