Am I liable for LPT in 2025 if I close on buying a new build on Nov 2nd?

Hi all,

Is it wise to ask my solicitor to delay closing on a new build until shortly after November 1st in order to save a few hundred quid on LPT in 2025?

I got the closing statement from the developer on Oct 8th, the only items listed are the 90% cost of the house still owed & the first year's management fee, there is no mention of LPT on it (so no indication that the developer will pay LPT for 2025 and then charge me back for it). I am fortunately not under any immediate pressure to move out of my current accomodation so I can wait a bit if it will save me money in 2025. Thanks

I presume that this means that if you take ownership after 1st November 2024 then you will not be liable for LPT until 2026 based on the valuation at 1st November 2025?
But is it worth it in the greater scheme of things?
Perhaps you'll actually lose out if house price inflation in the next year means that you go into a higher band on 1st November 2025?

As part of the sale, the solicitors will account for this by including a cost where the buyer will pay the LPT tax amount to the seller on a pro rata basis.
The tax is on the property and not the owner, so waiting until after November 1st makes no difference really.

Edit: just noticed the OP was talking about a new build, I was thinking of second hand houses so my post above may not apply.

ClubMan said:

I presume that this means that if you take ownership after 1st November 2024 then you will not be liable for LPT until 2026 based on the valuation at 1st November 2025?

Click to expand...

Thanks for the reply. Sorry if my post is worded poorly.

I was basically asking if I take possession of the new build on Nov 2nd:
* Is anyone liable to pay the LPT for 2025?
* If so, is that person me?

Apologies as well if these are very simple questions or if I'm completely misunderstanding when LPT becomes due (which may be the case trying to read the revenue and citizens info guidance)