Monday, 18 January 2021

Home Buyers Face Unexpected Tax Bill When Stamp Duty Kicks In

Thousands of home buyers could be hit with an unexpected tax bill of up to £15,000 each if the stamp duty holiday ends as planned on 31 March, Rightmove has warned. The property website said that with the stamp duty deadline approaching, some sellers who had put their property on the market during the last few weeks were hoping to tempt buyers with a competitive price in an attempt to squeeze in a sale before the holiday ends. Rightmove’s latest analysis showed that it was taking 126 days from the time an offer was accepted until legal completion. It estimates that 613,000 property sales agreed in 2020 are “stuck in the processing logjam” and awaiting legal completion. Read more on the Guardian website.

https://www.theguardian.com/money/2021/jan/18/home-buyers-face-unexpected-tax-bill-when-stamp-duty-kicks-in

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