Reeves's stamp duty raid to catch out 75,000 homebuyers [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Yahoo! Finance
Some 74,000 property transactions will fail to complete ahead of the March 31 deadline leaving buyers liable for stamp duty bills worth £1,919 each on average, according to a report by property portal Rightmove. Property experts are calling on Rachel Reeves, the Chancellor, to extend the deadline in her Spring Statement on March 26 to prevent sales from collapsing. From April 1, the threshold at which buyers must pay 2pc stamp duty will drop from £250,000 to £125,000. Meanwhile first-time buyers will see the threshold at which they pay stamp duty reduced from £425,000 to £300,000, meaning a potential £6,250 hit. Half a million homebuyers are currently stuck in a logjam trying to complete transactions The deadline was set under former
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