Two Deadlines End 30 June - How Will They Affect You?
· Stamp Duty holiday ends, long live tax on property buyers!
· Wednesday 30 June is the deadline for most European Union (EU) citizens to apply to live permanently in the UK as settled residents.
The Stamp Duty exemption for homebuyers paying tax on properties which cost £250,000 or less is coming to an end, much to my solicitor’s relief! He will need a real holiday!
Wales temporarily raised its threshold for land transaction tax (LTT) during the pandemic from £180,000 to £250,000, in line with other UK governments.
The exemption, originally to March 2021, was extended to 30 June.
Some homebuyers have saved thousands by completing sales within the deadline, but others are set to miss out for various reasons including legal or mortgage delays.
From 1 July, stamp duty will be charged above £250,000 at the following rates:
· £0-£250,000 = 0%
· £250,001-£925,000 = 5%
· £925,001-£1,500,000 = 10%
· £1,500,000+ = 12%
On 1 October 2021, rates are due to return to normal. That means the point you to start paying stamp duty will revert to £125,001:
· £0-£125,000 = 0%
· £125,001-£250,000 = 2%
· £250,001-£925,000 = 5%
· £925,000-£1,500,000 = 10%
· £1,500,000+ = 12%
You can use the government's Stamp Duty Land Tax (SDLT) calculator to find out how much you would pay.
Will there be a slump in the market?
Whenever there has been a boom...
EU Settlement Scheme Deadline
The take-up of the European Union Settlement Scheme (EUSS) has been huge - but there are serious concerns that thousands of people have still not sought to register. Anyone who is not registered loses their legal right to live in the UK.
What is the EU Settlement Scheme?
The EUSS was launched in March 2019 to register EU citizens as settled residents in the UK.
This is a follow-on from Brexit, which ended freedom of movement and the right of people from the EU to come to the UK - and for UK citizens to go the other way.
More details - https://how2cometotheuk.blogspot.com/2021/06/eu-settlement-deadline-30-june-2021-how.html
See full article.
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