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Stamp Duty Takings Rise By £1Billion In One Year

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Homebuyers paid nearly £1billion more in stamp duty last year as house prices rocketed, it is revealed today. Experts say it is yet more evidence that the tax is ‘distorting’ the housing market and preventing people from buying and selling homes. Buyers must budget for ever-increasing stamp duty bills while sellers stay put to avoid paying the tax on their next purchase. A Treasury spokesman said the duty was an important source of revenue as the Government focused on cutting the deficit.
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The recovery is getting stronger.

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Anyone with half a brain can see stamp duty is massive cash cow for the government, hence why they want increases in house prices.

If you move 3 or 4 times in you life now, paying every increasing amounts of TAX as you climb their pyramid, you can easilly fork out an extra year or twos income tax.

The housing market is a cover for more massive taxation of the public by the government/public sector.

All supported by the ever friendly government banking system.

The main problem we have in the UK is the massive public sector and the masisve taxation/money printing required to keep that unsustainable system going.

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If you move 3 or 4 times in you life now, paying every increasing amounts of TAX as you climb their pyramid, you can easilly fork out an extra year or twos income tax.

I've paid two lots of stamp duty in my life. In 1997, I hardly noticed it. For a similar house in 2010, it was 3 months net wages.

At least my council tax is £500 lower that it would have been. I bought a fixer-upper on a large plot and doubled the size. It doesn't get rebanded whilst I own it.

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The government are simply snaffling the unearned equity in taxes and have become reliant on it to keep themselves running.

£15,000 stamp duty for a £500,000 house ! (which should be more like £300,000 imo).

When you think of it, this £15,000 is basically being paid for by the next level of buyers having to borrow more.

A ridiculous situation to be in

Edited by Reck B

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Daily Mail group has a large advertising interest in property. They recently I think received a windfall from the Zoopla IPO. Whether they still have any shares I don't know. They will also have newspaper advertising revenue.

Looking at their chart the stamp duty follows the HPI. There is not much talk about agents fees and allowing fixed fee providers (Google, Tesco, etc) into the market.

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The press starting to soften us up for an increase in stamp duty thresholds in the Autumn? Not to try keep the nasty bubble going mind.... this to help hard working aspirational families pay less stamp duty.... but means they pay £275k for houses that were selling at the old £250k stamp duty threshold and then extra mortgage interest on the higher amount. Net result people are worse off but banks and government make more money.

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Daily Mail group has a large advertising interest in property. They recently I think received a windfall from the Zoopla IPO. Whether they still have any shares I don't know. They will also have newspaper advertising revenue.

Looking at their chart the stamp duty follows the HPI. There is not much talk about agents fees and allowing fixed fee providers (Google, Tesco, etc) into the market.

Spot on.

Daily Express also have very obvious and vested interests in the property market as well.

I'm sure a lot of our media do.

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Scrap it and raise council taxes on props by increasing the bands up to say 'Z'.

It's just bonkers that a £50m London tax haven property should be paying c. £3k in taxes p.a.

Edited by R K

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