BBC News invites Sheetal Bahal, Property Law Expert, to comment on Stamp Duty Land Tax
Sheetal Bahal, Partner and Head of Residential Property at CWJ LLP was invited by BBC Breakfast on Sunday, 10 August, 2008 to comment on the Chancellor, Alistair Darling's recent comments on the possible suspension/deferment of Stamp Duty.
Sheetal was interviewed by Sonia Deol following a poll for the National Association of Estate Agents, which found that 24% of more than 1,000 of its members felt that sales had fallen through as a result. Sheetal commented, "In the day to day world of conveyancing practice, the Chancellor's comments have increased uncertainty and concerns amongst both existing and potential home owners, but I haven't as yet seen, as a direct result, sales falling through. It's early stages yet."
Housing Minister, Caroline Flint's, claims that at the present time there are a lot of factors people are thinking about when considering or buying or selling a property, which Sheetal agrees with and commented to Sonia, as follows:-
"Suspending Stamp Duty would make life easier for some buyers, but the conversations I'm having with my buyer clients at the moment are more about mortgage availability and affordability rather than how they are going to find funds for Stamp Duty."
Sonia also asked Sheetal to remind viewers of the current Stamp Duty thresholds, which could affect a potential buyer's decision as to whether or not to hold off until the Chancellor clarifies what is actually going to happen as far as Stamp Duty is concerned. The current thresholds are:
Residential property - purchase price Rate of Stamp Duty Land Tax
up to £175,000 (until 2 September 2009 inclusive) 0%
£175,001 - £250,000 1%
£250,001 - £500,000 3%
£500,001 or more 4%
For any further information on Stamp Duty or any aspect of Residential Property, please contact Miss Sheetal Bahal on 01689 887825 or e-mail her at sheetal.bahal@cwj.co.uk.
For a conveyancing quote, please e-mail, conveyancing@cwj.co.uk.
