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Upmarket estate agent special pleading for London in the btlegraph.

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You can't get through a couple of paragraphs of that article before they start resorting to out right lies.  "Britain has the highest property taxes in the world".  BS.  Most states in the US have much higher property taxes (both annually charged taxes and one-off transaction taxes) than the UK, but because they've only looked at US Federal taxes (where property taxes are minimal) when comparing the US and UK, they've come to the conclusion that property taxes are lower in the UK.

He's also parroting another lie when he says that business rates are going up.  This is not true.  Rates are being recalibrated with some going up and some going down but with no overall increase.

I suppose it's the Telegraph, which you always have to read with a grain of salt, but do these people have no shame when it comes to printing out-right lies? 

 

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The Standard have regular articles like this , it simply if the vendor reduces the price then it reduces the stamp duty.

As for landlord stamp duties , I think they are on a different planet if they think the Gov will change their mind on that, whilst we have a housing crisis with people unable to buy 

a place to live in the Gov are not going to be seen to be helping landlords hoard more properties.

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54 minutes ago, richc said:

You can't get through a couple of paragraphs of that article before they start resorting to out right lies.  "Britain has the highest property taxes in the world".  BS.  Most states in the US have much higher property taxes (both annually charged taxes and one-off transaction taxes) than the UK, but because they've only looked at US Federal taxes (where property taxes are minimal) when comparing the US and UK, they've come to the conclusion that property taxes are lower in the UK.

He's also parroting another lie when he says that business rates are going up.  This is not true.  Rates are being recalibrated with some going up and some going down but with no overall increase.

I suppose it's the Telegraph, which you always have to read with a grain of salt, but do these people have no shame when it comes to printing out-right lies? 

 

You can't get through a couple of paragraphs without laughing 

what is fueling the housing crisis are the number of props and foreign money be washed through our housing system

 

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Well, you do have to feel sorry for upmarket estate agents, who can't sell £7+m houses, or £1+m one-bed flats any more. 

Poor wee things.  They are surely entitled to lots and lots of lovely sales at 2% every time.  

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I agree business rates are high but annual property taxes on residential property are ridiculously low in prime central London relative to any comparable city - as council tax levels in Westminster and Kensington and Chelsea are so low.

An oligarch living in a £80million apartment at One Hyde Park will pay a mere £1350 a year in property tax - less than £1000 if he lives alone after the 25 per cent single person discount.

My retired parents on £12k a year pensions pay more on their modest Band D terraced house - as will apply to most people renting or owning a typical Band D property outside Westminster which can keep its council tax so low due to it raking in £100m a year in parking revenue. 

What other country would allow such an obscene situation where the mega rich living in the most expensive homes in prime central London pay less annual property tax than ordinary folks on ordinary earnings in ordinary homes elsewhere. 

Saying our property taxes are high is crazy - they are for the plebs but not the global elite. 

Under domestic rates pre 1989 there was no Band H cap and your rates were proportional to your property value. Time it was brought back.

Edited by MARTINX9

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1 hour ago, Mrs Bear said:

Well, you do have to feel sorry for upmarket estate agents, who can't sell £7+m houses, or £1+m one-bed flats any more. 

Poor wee things.  They are surely entitled to lots and lots of lovely sales at 2% every time.  

Simple reality is that transaction levels in posh bits of London have collapsed.There is no liquidity

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their idea of crisis I think is falling prices and falling transaction levels in their sector...back in the real world folks have a rather different understanding of the nature of the 'crisis' and how it has come to over shadow their lives.

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Another outrageous sack of lies and nonsense from the Telegraph. Almost as if they had some sort of agenda to keep the housing bubble going! HMMM..

The basic position of this article is that BTL is a good thing and more people should be doing it ( of course they would think that) but mostly that the housing crisis is only a function of lack of supply, completely missing the point about cheap credit flooding the market. 

Its simple misdirection.

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The Telegraph is getting worse and worse. They now have the idiot financial editor Alistair Heath. His articles at City AM were a joke. A City apologist and propaganda merchant.  The DT is clearly controlled by the financial elite.

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The thing about a lot of people is they are right dead against it, that is until they start benefiting from it, then they are all for it.;)

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On 23/01/2017 at 11:27 AM, MARTINX9 said:

What other country would allow such an obscene situation where the mega rich living in the most expensive homes in prime central London pay less annual property tax than ordinary folks on ordinary earnings in ordinary homes elsewhere. 

Saying our property taxes are high is crazy - they are for the plebs but not the global elite. 

Under domestic rates pre 1989 there was no Band H cap and your rates were proportional to your property value. Time it was brought back.

Well said. If people also understood that QE/ZIRP robs the non asset owning poor (through inflation) to subsidise wealthy home owners, there would be a riot. 

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No wonder the principled peter oborne left the telegraph over its unwillingness to scrutinise those who purchase its advertising space. Correct me if I am wrong here, but England doesnt have a single direct tax on owning, or making capital gains on property for OO does it?

Stamp duty is paid by the buyer of a property, council tax by the person who lives in it. If I inherited a 300 grand house, just under inheritance tax threshold, immediately got a tenant who lived there for 5 years and paid council tax, when I sell it it has appreciated to 400 grand, surely, except maybe on the rental income, i wont have paid a penny in tax will I?

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3 hours ago, nothernsoul said:

No wonder the principled peter oborne left the telegraph over its unwillingness to scrutinise those who purchase its advertising space. Correct me if I am wrong here, but England doesnt have a single direct tax on owning, or making capital gains on property for OO does it?

Good point.  I'm confident that not having capital gains tax on HPI gains served its purpose as a way of not losing votes over the last couple of decades.

Now that house prices are to the ridiculous max, perhaps it's now more politically expedient to bring it because it wont make as much difference, and therefore wont upset the many plebs who shouldn't be taxed on non-productive asset inflation, while at the same time CGT on HPI would  put a buffer in for when / if we have another stupid HPI run after any real kind of crash to wage level prices before hand.

Edited by Arpeggio

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3 hours ago, nothernsoul said:

No wonder the principled peter oborne left the telegraph over its unwillingness to scrutinise those who purchase its advertising space. Correct me if I am wrong here, but England doesnt have a single direct tax on owning, or making capital gains on property for OO does it?

Stamp duty is paid by the buyer of a property, council tax by the person who lives in it. If I inherited a 300 grand house, just under inheritance tax threshold, immediately got a tenant who lived there for 5 years and paid council tax, when I sell it it has appreciated to 400 grand, surely, except maybe on the rental income, i wont have paid a penny in tax will I?

I think that because the property was used as a buy to let the Hmrc would probably take a view that it is a business asset and chargeable to capital gains tax on the 100k profit

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16 minutes ago, crazypabs said:

I think that because the property was used as a buy to let the Hmrc would probably take a view that it is a business asset and chargeable to capital gains tax on the 100k profit

Seconded. Although it's not a BTL per se, CGT should be liable. Ask a tax professional.

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