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fru-gal

Stamp duty reform at heart of NAEA's ideas for next month's Budget

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The HPI vested interest groups are trying to get the new 3% SDLT higher charge scrapped - "In order to boost housing supply, the three per cent stamp duty surcharge should be scrapped to encourage more buy to let units" :o:rolleyes: as well as stamp duty for "downsizers" (pensioners) and first time buyers. They are proposing that sellers pay. Obviously some of these suggestions are good but there is no reason why the higher charge should be scrapped for those who own more than one home (and it has brought in a lot of SDLT for the Treasury) or why downsizers (who have already been gifted huge tax free gains shouldn't have to pay - unless they have to pay CGT on the home they are selling instead).

If you disagree with this or want to propose alternative suggestions to the Chancellor his Parliamentary email address is:

philip.hammond.mp@parliament.uk

and his Departmental email is;

public.enquiries@hmtreasury.gsi.gov.uk

 

 

 

 

Edited by fru-gal

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Moving the payment to the seller from the buyer would be a good idea - especially if the 3% addition was kept to encourage sales to first time buyers or people purchasing their main property...

Beyond that sensible change - I really don't see how the other changes work...

 

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11 minutes ago, Houdini said:

Moving the payment to the seller from the buyer would be a good idea - especially if the 3% addition was kept to encourage sales to first time buyers or people purchasing their main property...

Beyond that sensible change - I really don't see how the other changes work...

 

Move to the seller and they'll put yye prices up 3%.

 

The property gangsters will do anything to keep the illusion of hpi...its time people started protesting.

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4 minutes ago, TheCountOfNowhere said:

Move to the seller and they'll put yye prices up 3%.

 

The property gangsters will do anything to keep the illusion of hpi...its time people started protesting.

A relative of mine bought last year. Seller wouldn't reduce price when their home sold for less than they wanted so they added the SDLT onto their mortgage - the banks always win one way or another.

 

Edited by fru-gal

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20 minutes ago, TheCountOfNowhere said:

Move to the seller and they'll put yye prices up 3%.

 

The property gangsters will do anything to keep the illusion of hpi...its time people started protesting.

Means a % of a higher price....these evil ####s will see society destroyed so they can make another £300 on a house sale.

 

The desperate, for cash, British government won't give up a taxation stream until its dead in the water.

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34 minutes ago, anonlymouse said:

Ah yes just like landlords will put up rents as a result of S24...

The buyer will pay either way.  The EAs know this so will just ask more and take a % of the higher price...these ####s really are that basic..it won't happen but these ####s are so #####ng transparent. 

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2 hours ago, Houdini said:

Moving the payment to the seller from the buyer would be a good idea - especially if the 3% addition was kept to encourage sales to first time buyers or people purchasing their main property...

Beyond that sensible change - I really don't see how the other changes work...

 

In terms of economic incidence, It's already paid by the seller.

Consequences would be worse than sellers just adjusting their offers highers. Extra deposit £ can be extra leveraged, SDLT £ can't. That's why so many homeownerist groups lobby for the change, not to help buyers.

https://econpapers.repec.org/paper/izaizadps/dp7463.htm

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  • 297 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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