boxst

But the government half announcing the possibility of some sort of stamp duty removal has completely stopped anyone buying a house.

Cameron slams stamp duty 'dither' - Yahoo! News UK

Whether or not it'll help is another matter of course ...

As I mentioned somewhere else, I would consider moving if they did for everyone to avoid a £35K plus in stamp duty.

Steve

PeteBrant

THey certainly need to make an announcement one way or the other.

THe other completely mental thing about Stamp duty is the thresholds. It's not like income tax, where if you fall into the higher tax bracket, you pay the higher rate on earning over the limit, no, if you house sells for £299,999 you pay 1% on the whole lot and if it sells for £300,001 you pay 3% on the whole lot. It's mental.

I don't actually agree with it, part of the reason the economy is in the state its in is because house prices got far too inflated. There is no reason to try and put them back up there other than some desperate politically motivated agenda. (Get house prices on the up, get better in the polls).

There is precedent, the Tories did it in the early 90's, but I have no idea as to any impact it had.

Jimpreza

Thought the 3% threshold was at £250k mate.

lankypicker

stamp duty is

up to 125,000 = nil
125,001 = 1%
250,001 = 3%
500,001 = 4%

i run my own estate agents and can safely say, the day after this "stamp duty on hold" rumour went into overdrive with the press, everything pretty much stopped. Labour need to sort themselves out or 'f' off pretty damn quick i reckon

Gordo

it's an irrational tax.

- it hinders social mobility - i.e. people moving for work get taxed
- it effectively taxes debt (i.e. you're being taxed on money you don't have). put another way, you're being super-taxed on money you've already had taxed. e.g. 75% mortgage on a house worth £250,001 = 12% tax on your £62.5k deposit!

justified how exactly?!

Gordo

lozgti

You are paying the government for the priviege of you moving house.

As with an awful lot of taxes,money for old rope.

I don't understand the 'payment holiday' thing.Are you just taking advantage of the fact you haven't got to pay it for a few months? What if you can't when its due? Will they look to Repo your house?

They should look at the bands more closely.They have taken advantage of the fact property has rocketed.Same as they have done with fuel.

They will tax us into oblivion this lot.New VED to look forward to next year just to really brass everyone /finish everyone off financially

boxst

I thought it was a temporary scrapping as opposed to a holiday. If you have to pay it back it is completely pointless. As you mention, what happens in a few months when you are asked to pay it back?

Steve

Coffin Dodger

Imagine how many pissed off people there would be if they did that, anyone who'd bought a house within the last year or so would be looking to take the government to court to get their stamp duty back as I'm sure it could then be deemed as unlawful that they ever enforced the tax in the first place. Bit like everyone trying to claim back bank charges at the moment.

boxst

It depends how they do it. The government have the ability to change taxation and this would classify as that.

I can imagine lots of incredibly annoyed people as you say ...

Steve

Flatcapdriver

I don't see how this is stopping property from moving, given that the idea is simply to 'defer' the payment not abolish it. What type of property are you buying that attracts a £35k duty?

warrenm2

its an extension of this policy...

LABOUR UNVEILS PLAN TO LOSE LAST REMAINING VOTES - The Daily Mash

boxst

One for just under £900K.

Steve