VeryMeanReversion Posted January 20, 2009 Share Posted January 20, 2009 Since the housing market is the underlying problem with the banks balance sheets, I'm suprised they have cancelled stamp duty across the board now. I wonder if its worth them introducing reverse stamp duty i.e. they will contribute say 3% of the house price. This is enough to cover all the fees and moving costs but not high enough to encourage widespread abuse by unnecessarily moving. With high unemployment, this will also encourage workers to move to wherever the work is. It may even be self funding since they get the VAT on all the new things you buy for the house and the banks balance sheets will improve as asset prices will stop falling. Cheaper than another bank bailout? VMR. (wishful thinking) Quote Link to comment Share on other sites More sharing options...
bobthe~ Posted January 20, 2009 Share Posted January 20, 2009 Have they cancelled stamp duty? Quote Link to comment Share on other sites More sharing options...
AteMoose Posted January 20, 2009 Share Posted January 20, 2009 (edited) resrecting MIRAS would help.. http://property.timesonline.co.uk/tol/life...icle5196527.ece Basically your mortgage interest is tax deductable against your wages/income tax and it was finally removed in 2000. Its a great idea because people with mortgages pay less/no income tax, and get the same tax advantages as BTL landlords! Its a final wepon that could be deployed.... Edited January 20, 2009 by moosetea Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted January 20, 2009 Author Share Posted January 20, 2009 Have they cancelled stamp duty? Only up to 175K and that is just temporary. VMR. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted January 20, 2009 Share Posted January 20, 2009 Move where exactly? The people in the North cannot move to the South due to the imbalance in house prices, this was one of the main problems of Tebbits get on your bike, it's not as easy as it sounds. For those people who are single it's easy, however for those with families it would be dead in the water. If you really want people to be able to move perhaps force sellers in high house prices areas to accept less when someone from a lower house priced area needs to move for work purposes. That way people can genuinely move where the work is. Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted January 20, 2009 Author Share Posted January 20, 2009 Move where exactly? I was helping an ex-colleague look for a job recently but only found suitable jobs out of this area (Cambs). There are too many engineers looking for jobs here now. Hoever, there are still jobs around if you are prepared to move, in areas where house prices are not necessarily any different. VMR. Quote Link to comment Share on other sites More sharing options...
furan Posted January 20, 2009 Share Posted January 20, 2009 With house purchase volumes so low now they should just abolish stamp duty altogether for all purchases (including share trades)... not to get the housing market going mind you; just to avoid paying the salaries of the entire stamp office. I wonder how low purchase volumes would have to go before the cost of running the stamp office outstripped the revenue it attracts? Is there anyway to get / find this information? Quote Link to comment Share on other sites More sharing options...
Visa Steve Posted January 20, 2009 Share Posted January 20, 2009 Gordon added extra stamp duty bands from the day he got in. No chance of him changing tack as he is a tax spend and waste Politician Quote Link to comment Share on other sites More sharing options...
bobthe~ Posted January 20, 2009 Share Posted January 20, 2009 Only up to 175K and that is just temporary.VMR. Ah yes. I thought you meant completely. I think that if they want to control the slide, they need to re-vamp it so that you pay SD on the amount in the band, much like Income Tax. Who is going to pay 510k for a house when that means paying 4% on the whole 510k? You would pay 499,999 surely? Quote Link to comment Share on other sites More sharing options...
Mildura Posted January 20, 2009 Share Posted January 20, 2009 Ah yes. I thought you meant completely.I think that if they want to control the slide, they need to re-vamp it so that you pay SD on the amount in the band, much like Income Tax. Who is going to pay 510k for a house when that means paying 4% on the whole 510k? You would pay 499,999 surely? [pedant]or £500,000, which is still charged at 3%[/pedant] Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.