Stamp duty holiday deadline scrapped at Chester’s Shot Tower says Whitecroft Group
There is widespread uncertainty surrounding whether Rishi Sunak’s Budget briefcase contains an extension to the Stamp Duty ‘holiday’ that is due to end on March 31st.
Should he fail to extend the current deadline, it could result in a significant cost to some pending home buyers – but, that dilemma has been solved where one particular new housing development is concerned.
Stamp Duty was originally a levy introduced by King William III to fund a war on France (you can see where we’re going with this).
Constructed in 1799 the Grade II listed property is the oldest remaining shot tower in the UK, possibly the world, standing 168 feet high. It was originally built to manufacture lead shot for British Army muskets in the Napoleonic Wars and so at the time, stamp duty would have at least held some relevance to current affairs.
The Whitecroft Group is sympathetically converting the Chester Shot Tower and leadworks adjacent to the Chester Canal into 72 high-end apartments and townhouses with 50% having already been sold.
Whitecroft’s Director David Giovanni has announced that, rather appropriately, standard stamp duty costs will be paid on behalf of buyers of properties at The Shot Tower even after the 31st March deadline, with his firm picking up the bill themselves (until further notice).
“The redevelopment scheme has been an incredible success,” says David Giovanni.
“We’ve sold over half of the 72 units already despite successive lockdowns hampering buyers’ usual freedom and flexibility to get out and view.”
“Our initial attraction in purchasing the project was its incredible history and character and so we think it fitting, given the purpose of the original building at The Shot Tower, that we absorb the cost of the standard stamp duty levy for buyers that commit during February and March, regardless of when they complete their purchase.”
“I don’t see any good reason that our buyers should have to pay stamp duty land tax just as a consequence of their timing. Moreover, I suspect any threat of further war with France is also off the agenda for now in any case”
