Seeker_UK
Feelin' nearly faded as my jeans
We'll see in Oct 21 when the 'holiday' is lifted.
Labour Leader: Keir Starmer V
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We'll see in Oct 21 when the 'holiday' is lifted.
Spraggons Den
pfm Member
No my tax, let’s say the Mail call it the You’ve been Spragged tax, is paid for by the sellers. So first time buyers wouldn’t have to pay it only those further up the chain above the threshold. Boom, vote Spraggs, for balancing the books.
Sue Pertwee-Tyr
Accuphase all the way down
How would it stop gazumping?
Spraggons Den
pfm Member
By having a general cooling effect on the market as sellers would have less cash available for their own subsequent purchase.
Sue Pertwee-Tyr
Accuphase all the way down
But sellers are also buyers, then, and thus will pay stamp duty anyway.
Spraggons Den
pfm Member
Yes any body above the threshold gets double ended.
Sue Pertwee-Tyr
Accuphase all the way down
Well why not just increase the rates of stamp duty, and keep the threshold above first time buyer territory?
Seeker_UK
Feelin' nearly faded as my jeans
First time buyer territory is also prime buy-to-rent territory, so you'd need something more sophisticated than a value threshold.
Spraggons Den
pfm Member
Because you will miss all those people who are selling second homes, emigrating, selling a deceased’s house etc. In fact now I come to think of it why not replace stamp duty with Spraggs tax as it casts a wider net.
Anybody else with ideas to raise tax take in order to balance the books?
Anybody else with ideas to raise tax take in order to balance the books?
Sue Pertwee-Tyr
Accuphase all the way down
I thought the economics of BTL were more marginal these days? I don’t particularly like the practice, so I’d prefer to see it disincentivised through taxation anyway.
Second homes, estate sales, etc, are going to be subject to CGT anyway, surely?
Spraggons Den
pfm Member
Fair enough. I’ll withdraw my candidacy for the Chancellor of the Exchequer job.
Sue Pertwee-Tyr
Accuphase all the way down
I’m all for a bit of lateral thinking, just mindful that it needs to survive challenge!
Spraggons Den
pfm Member
Or increase in the rate or scope of VAT?
TheDecameron
Unicorns fart glitter.
Current version of stamp duty does just this and on properties that are not your principal home the rate is higher still. The rates overall are significantly higher in Scotland.
England and Northern Ireland second-home stamp duty rates
Those buying a second home in England or NI will find the stamp duty rates for both nations are:
- 3% for properties up to £250,000
- 8% for properties between £250,001 and £925,000
- 13% for properties between £925,001 and £1.5million
- 15% for properties over £1.5million
If Scotland is the location of your second home, you can expect to pay the following in Land and Buildings Transaction Tax:
- 4% for properties up to £145,000
- 6% for properties between £145,001 and £250,000
- 9% for properties between £250,001 and £325,000
- 14% for properties between £325,001 and £750,000
- 16% for properties over £750,000
russel
./_dazed_and_confused
Econ 101 agrees with you, however a lot of MPs have property portfolios, the building companies make out like bandits on high house prices and the banks do very nicely out of having people pay for their expensive salaries and offices for 30/35/40 years instead of 25, both banks and property firms donate to the Tory party so don’t expect house building to start anytime soon. It’s almost as though the whole system is corrupt, like Spiv101.
Seeker_UK
Feelin' nearly faded as my jeans
It would be interesting to see how that relates to %ge of the housing market by value.
ks.234
Half way to Infinity
“Starmer urges Labour to embrace Blair’s legacy as he vows to win next election”
Sir Keir Starmer has vowed to “turn the Labour party inside out”, surely the only message this sends out is that Starmer still does not have an identity he can call his own and that the only identity Labour can come up with, is one from last century.
Sir Keir Starmer has vowed to “turn the Labour party inside out”, surely the only message this sends out is that Starmer still does not have an identity he can call his own and that the only identity Labour can come up with, is one from last century.
Spraggons Den
pfm Member
VAT being paid at the point of purchase does rather capture rich people making extravagant purchases such as Lambos and Bentleys though. Business owners etc may well pay no income tax at all as do a huge number of the self employed.
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