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The Property Podcast

ASK244: Does the Stamp Duty holiday apply to investors? What does it mean?

The Property Podcast

Rob Bence & Rob Dix

Education, Business News, Business, News, Investing

4.82K Ratings

🗓️ 14 July 2020

⏱️ 5 minutes

🧾️ Download transcript

Summary

Last week was a shocker, wasn’t it? It’s not often property investors are dealt nice little surprises from the UK government, so when Chancellor Rishi took to the stage last week and announced a stamp duty cut, we had a flurry of questions from Hubbers.  The Chancellor announced that (for England and Northern Ireland), the stamp duty threshold would now increase to £500,000 until March next year. So if you were buying a home to live in, up to this value, you’d have zero stamp duty to pay. The big question was - would this cut apply to property investors? And the answer was a surprising ‘hell yes!’ Before you run out the door, the 3% surcharge for additional properties is still there, but still, we’ll take any small wins that we can, right? We’ve explained it all in detail right here - and there’s a handy calculator that you can drop straight into your downloads folder and see how much cash you’re likely to save.  We’ve also had LOTS of questions from those who have exchanged on their properties but not yet completed.  So what’s the deal with this?  Do the new rules apply to you or not? Rob B gives us the run-down on this in today’s Ask Rob & Rob episode.  And if you’re sat there thinking… ‘These cuts are great, but what will this do to the property market in the short (and long) term…’ We’ve also got you covered on this episode.  And if that wasn’t enough, we’re bringing something back by popular demand. It’s coming this Thursday, so make sure you set your alarms for 6am! That’s a lot of excitement for a Tuesday. Happy listening! Do you have a buy to let or property investment related question for Rob & Rob? You could feature on the next episode by giving us a call on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply).    Or if you prefer, click here to leave a recording via your computer instead. The next question on Ask Rob & Rob could be yours.  Have you joined us over on the Property Hub Forum yet? Our online community is friendly, informative, and the members are waiting to welcome you with open arms. So get yourself over and introduce yourself. See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, I'm Rob. And I'm Rob. And this is Ask Rob and Rob.

0:07.0

Hello everybody and welcome to Ask Rob and Rob, the show where you get your questions in and we give you answers. Now this week we've had a

0:14.8

lot of questions about one particular subject. No prizes for guessing what that is because

0:20.2

you've read the podcast title, but the good news is we're about to tackle them.

0:23.6

But before we do, let's remind you how to get involved and get your questions in on the show.

0:28.4

Yes, dead easy, just give us a call on 013, 808,00035, that's 013, 808,00035, or you can head over to our lovely website at

0:37.2

Property Hub.net slash Ask and send your question in there.

0:40.8

Either way, just leave us a voicemail and we'll get back to you.

0:43.2

Today, Rob, special treatment, no voicemail required.

0:46.1

Yes, so we've had lots of questions around Stamp Duty or in particularly the

0:51.1

Stamp Duty Holiday that the

0:52.8

Chancellor's just announced.

0:54.2

So lots of people have been asking what exactly has happened,

0:57.2

because there's lots of information out there,

0:59.2

does it apply to me?

1:00.5

And in particular, when asking, does it apply to to me does it apply to me as a property

1:04.4

investor and then of course people want to understand and what does this mean for the

1:08.6

property market will it impact it will it push the market on or is it not going to make a difference? Well, we're

1:14.8

going to try and cover as much as that off as we can in this episode. So let's start, Rob, with explaining

1:20.2

exactly what's happened and who it applies to.

1:23.0

Let's do that.

1:24.0

So this was announced on the 8th of July in Rachts' summer update,

...

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