Monday, Mar 05, 2007
BoS calls for rising stamp duty threshold
BBC News: Bank calls for stamp duty change
The Bank of Scotland, the biggest corporate bank in the UK, has called on the Chancellor to raise the stamp duty threshold on higher priced property. Buyers pay 3% on properties between 250 and 500 k, rising to 4% above half a million. These haven't changed to reflect the 175% rise in house prices since 1997.
Posted by jellycaster @ 08:47 AM (361 views) Add Comment
3 Comments
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1. sovietuk said...
£20k on a £501K house, £40K on a £1M house. What a Rip Off. The machine that new Labour have set in motion is going to devour a large chunk of the population before it's finally brought to a stop. Twenty years at least to sort this total and absolute mess out.
2. dohousescrashinthewoods said...
Playing Devil's advocate, if stamp duty thresholds were set to increase at the long-run average, it means that property booms would be taxed more heavily and property slumps would get some relief, helping to limit excesses.
However I don't know if the random and disparate changes we have seen bring stamp duty anywhere near that trend, particularly if the top end hasn't changed at all and the lower limit has changed twice. Surely that warps the market?
3. sirgoogle said...
Crap idea. Stamp duty should apply to all sales - and it should be increased. This would stop artificial steps in the market on the boundaries and cause all to think hard about buying before they do - this would discourage speculative short term buying. Try thinking about the effect of 12% costs (as in the Netherlands) on every purchase - or even higher (as in Belgium)