There is also no guarantee that any changes in the Budget (if any) will be implemented straight away either.
I'm in a similar postion but thought the same CCOVICH. ie most changes made in budget regarding social welfare etc don't come into play until March.
No changes have been made to the rates of stamp duty on commercial property since 1990. I propose to increase from today the current rates of stamp duty on non-residential property and to amend the valuation bands to which they apply. The full details of the changes are set out in the Summary of Budget Measures.
Isn't it the case that the Finance Bill would have to be signed into law before any changes can take effect (I'm open to correction on this)?
The 2001 [i.e. Budget 2002] changes, as I recall, came into effect as of the following day. I think - and would be surprised if anyone can find anything to the contrary - that Stamp Duty changes always have immediate effect. If not, and the changes are favourable to buyers, it would cause a complete market freeze until the Finance Bill is enacted, which is exactly the kind of effect the Gov't is currently trying to avoid.Any changes could come into play straight away, or could have to wait till the Finance Bill is signed - the capital duty change was not expected last year and that was implemented straight away - but there is no way of judging.
don't want to unduly worry you, but you need to be careful that the vendor doesn't pull out, as the house could go up in value if the stamp duty changed.
My Solicitor advised me that it is the day the deed is duly stamped - ie the closing date, which is the date of change of ownership
I'm no lawyer but i'd guess that contract of sale is 'executed' when it's signed -- so contracts must be signed after the budget?
The advice I was given by my solicitor was that the contract is not 'excecuted' until the cheque is handed over which makes sense. This is done on closing date so it does not matter that I have signed the contract a few weeks ago as the sale is not complete until both contracts are signed.
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