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2 hours ago, Si1 said:

I think this looks true. They're looking at politically surviving (internal Tory party VIs) until the next election, not surviving the election itself.

oh dear, philip,philip,philip,philip...what have you done?

it was REQUIRED that you made some proper,bold radical change in direction........and you f***ed up sonny.

no two ways about it. more of the same was not an option this time around.

you and the rest of the remainiac lot are damaged goods now, you've got to go.end of.not good enough by a long stretch

Boris too,and may. .time to clean house tory HQ.get it over with now and stop sweeping this crap under the carpet any more...it's your ONLY chance.

I don't want socialist workers revolution either but unless drastic action is taken that is what is coming, and you did nowhere near enough.

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2 hours ago, Democorruptcy said:

The £300k applies on houses up to £500k:

 

 

An FTB will pay nothing on a £300,000 property and then 5%  on the value between £300,001 and £500,000. There will be no stamp duty relief for FTBs buying properties with a value over £500,000.

So a first time buyer buying a £300,000 home will pay zero in stamp duty - compared to £5,000 before.

A first time buyer buying a £450,000 property will pay £7,500 (5% x £150,000) compared to £12,500 before.

An FTB buying a £550,000 property will still pay £17,500 - like every one else (assuming its their only property).

 

The full details are here

 

https://www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers

Edited by MARTINX9
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1 hour ago, Democorruptcy said:

A few Tory house owners could be spitting over this FTB stamp duty cut. They may sell to someone not paying SDLT, then on their next property have to compete with a FTB also not paying SDLT. "We have worked all our lives and have to pay full SDLT,  just so the young can go blow more money on ipads". 

they are horribly behind the curve.

public opinion now says house prices monopolised and way too high.someone is going to get hurt.

either the landed gentry financially or physically. choose your poison. it's the same level of discontent circa runnymede and enclosures act.

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http://budgetresponsibility.org.uk/box/a-new-tax-relief-for-first-time-buyers/

"We assume that a temporary relief would feed one-for-one into house prices, but a permanent one will have twice that effect. On this basis, post-SDLT prices paid by FTBs would actually be higher with the relief than without it. Thus the main gainers from the policy are people who already own property, not the FTBs themselves. For some potential FTBs with smaller deposits, who are constrained by loan-to-value lending criteria, the relief will enable them to borrow a multiple of their SDLT saving, allowing them to buy properties that they otherwise could not afford – but more expensively."

As for the downward GDP revisions, its the pace of pessimism that's most significant just 8 months later, I wonder what they'll be forecasting next year...

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4 minutes ago, MARTINX9 said:

 

An FTB will pay nothing on a £300,000 property and then 5%  on the value between £300,001 and £500,000. There will be no stamp duty relief for FTBs buying properties with a value over £500,000.

So a first time buyer buying a £300,000 home will pay zero in stamp duty - compared to £5,000 before.

A first time buyer buying a £450,000 property will pay £7,500 (5% x £150,000) compared to £12,500 before.

An FTB buying a £550,000 property will still pay £17,500 - like every one else (assuming its their only property).

 

The full details are here

 

https://www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers

Yes.

Also it only applies in Wales until their Land Transaction Tax starts in April 2018. It doesn't apply in Scotland because they already do their own thing.

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19 minutes ago, thehowler said:

On reflection, the sub-2% growth into the 2020s is a stunner. They usually try to boost it using some chicanery, not even trying now. Permanent gloom/low growth and what's come to be known as austerity - desperate attempts to reduce the bloated public sector/welfare bill. And JC can't save us, there's no going back to the boom Brown years of fresh credit and Labour have no more vision than the Tories - the goose is cooked.

disagree.

permanent low growth is down to bad management/over regulation.

over regulation causes capital flight- which then increases taxes on everybody else-which causes even more capital flight..the ones left get the police state and death squads to keep order...happens all the time in "managed" economies.

 

and when I'm talking about over regulation,I'm talking local government level as well....just look at the average town centre now.no variety of shops,because the only ones who are able to pay the insane business rates(let alone parking charges), are mega chain stores(volume),betting shops(the house always wins does it not?) and pizza places/starbucks etc(because of the mark-up on the products..a poncey soup kitchen can serve you a cup of organic lentil and tofu delicacy at a fiver a time)

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2 hours ago, Si1 said:

I think this looks true. They're looking at politically surviving (internal Tory party VIs) until the next election, not surviving the election itself.

I never thought about it this way.

They know they cant do the drastic changes they need of the party implodes on itself due to self interests. They know they can never win without doing said drastic changes.
So whats left? to slow the rate of failure. 

i suppose when thats your only choice, its the best choice. Perhaps the tories are being quite sane. 

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1 minute ago, jiltedjen said:

I never thought about it this way.

They know they cant do the drastic changes they need of the party implodes on itself due to self interests. They know they can never win without doing said drastic changes.
So whats left? to slow the rate of failure. 

i suppose when thats your only choice, its the best choice. Perhaps the tories are being quite sane. 

I think of it in a more puerile form of pantomime to be honest.

they don't want to be seen to utterly screw up,but want to screw things up as much as possible for the incumbent,to make themselves look good.

no way to run a country.

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27 minutes ago, Maynardgravy said:

What a song and dance they made about delivering a budget for wannabe homeowners. They would have been better off mentioning nothing at all after that damp squib. Like being promised a knock on Mel B only for Mel C to turn up on your doorstep.

Errr, neither Mels attractive.

 

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10 minutes ago, oracle said:

disagree.

permanent low growth is down to bad management/over regulation.

over regulation causes capital flight- which then increases taxes on everybody else-which causes even more capital flight..the ones left get the police state and death squads to keep order...happens all the time in "managed" economies.

 

and when I'm talking about over regulation,I'm talking local government level as well....just look at the average town centre now.no variety of shops,because the only ones who are able to pay the insane business rates(let alone parking charges), are mega chain stores(volume),betting shops(the house always wins does it not?) and pizza places/starbucks etc(because of the mark-up on the products..a poncey soup kitchen can serve you a cup of organic lentil and tofu delicacy at a fiver a time)

Don't most high street coffee shops "pay their taxes" in Luxembourg?

While everyone else has to pay theirs here?

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21 minutes ago, Democorruptcy said:

Yes.

Also it only applies in Wales until their Land Transaction Tax starts in April 2018. It doesn't apply in Scotland because they already do their own thing.

The definition of a first time buyer is also different for the stamp duty relief compared to the help to buy isa bonus.

The stamp duty relief draft regulations define an FTB as someone who has never purchased a property in England and Wales and NI or acquired one elsewhere. The help to buy isa (or early lifetime isa withdrawal pre 60 benefit) definition excludes anyone who has held an interest in a property whether they bought it or inherited it.

If you have inherited a property before (in the UK or abroad) but have never actually bought one could you potentially be eligible for the FTB stamp duty relief - but not the help to buy isa bonus/lifetime isa early withdrawal entitlement before age 60?  Not clear to me -  and why the different definition of an FTB?

Edited by MARTINX9
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2 minutes ago, MARTINX9 said:

If you have inherited a property before (in the UK or abroad) but have never actually bought one could you potentially be eligible for the FTB stamp duty relief - but not the help to buy isa bonus/lifetime isa early withdrawal entitlement before age 60?  Not clear to me -  and why the different definition of an FTB?

It's not clear to me either.

I suppose one reason for the stamp duty cut is that the governbankment have a lot of properties to shift. Hammond said that HTB had helped 320,000 buy. I know by Autumn 2016 the Treasury had already handed bankers over £1m as compo for HTB bought properties, later re-sold at a loss. That was before the increased 40% for London had kicked in. If a FTB buys an ex-HTB property they cannot ignore 20% of the price like the previous buyer did. The governbankment handing the FTB £5k means they can leverage it up and maybe help the governbankment sell their HTB 20% stakes. Though of course the cut might mean HTB is used more and those properties will later have to be re-sold. Though they don't worry about future parliaments.

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5 hours ago, TheCountOfNowhere said:

Do the maths...you can save up to £5K which means you can borrow more...which using HTB means you can have an extra £95,000

£300K new build houses just became £400K.

2nd hand houses will look cheap in comparison so they will shoot up £100K.

£25Bn extra for Term Funding yesterday then incentive for idiots to pile in and hand money to tory party funders and keep chains going, justy long enough for Carney to get out with his reputation in tact.

Also has the nice side effect of supporting hammonds property portfolio, possibly making him millions in the process.

2% for you....10's of millions for them.

These people are f**king evil.

^this

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25 minutes ago, Democorruptcy said:

It's not clear to me either.

I suppose one reason for the stamp duty cut is that the governbankment have a lot of properties to shift. Hammond said that HTB had helped 320,000 buy. I know by Autumn 2016 the Treasury had already handed bankers over £1m as compo for HTB bought properties, later re-sold at a loss. That was before the increased 40% for London had kicked in. If a FTB buys an ex-HTB property they cannot ignore 20% of the price like the previous buyer did. The governbankment handing the FTB £5k means they can leverage it up and maybe help the governbankment sell their HTB 20% stakes. Though of course the cut might mean HTB is used more and those properties will later have to be re-sold. Though they don't worry about future parliaments.

The wording also differs depending on the location – if you have purchased a property in England, Wales or NI before you are ineligible for the relief but for properties in Scotland and elsewhere in the world it refers to having  ‘acquired an equivalent interest in a property’. Does acquiring an interest include an inheritance – so you could get the FTB stamp duty relief if you have inherited a property in England or NI but not if you inherited one in Scotland or the Irish republic?

 

I should declare an interest. I have just inherited a house in the Republic of Ireland from my uncle – only worth 50,000 euro but which I will actually pay Irish inheritance tax on given the rules there (or capital acquisitions tax as they call it) at a rate of 33%. Its still to go through probate though – but I will in due course ‘acquire an interest’ once probate goes through and it is hopefully sold.

 

Once I formally inherit that property would I be eligible for the stamp duty relief if I eventually bought a property in England as I have never 'purchased' a property in England, Wales or NI? The regulations to be approved by parliament are unclear!

 

Edited by MARTINX9
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25 minutes ago, Democorruptcy said:

It's not clear to me either.

I suppose one reason for the stamp duty cut is that the governbankment have a lot of properties to shift. Hammond said that HTB had helped 320,000 buy. I know by Autumn 2016 the Treasury had already handed bankers over £1m as compo for HTB bought properties, later re-sold at a loss. That was before the increased 40% for London had kicked in. If a FTB buys an ex-HTB property they cannot ignore 20% of the price like the previous buyer did. The governbankment handing the FTB £5k means they can leverage it up and maybe help the governbankment sell their HTB 20% stakes. Though of course the cut might mean HTB is used more and those properties will later have to be re-sold. Though they don't worry about future parliaments.

HBF Housebuilder members - includes Hammond's Castlemead Group

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2 hours ago, mrtickle said:

It's incredible timing, isn't it. I hadn't realise this would hit landlords because it was met with cheers of approval on both sides of the House as far as I can see. From the article, it doesn't seem to be a major gotcha though.

^^^^ Deferring that change (WHY?????) to CGT is really bad news, and helps BTLers. Not mentioned in the coverage I've seen so far :(

 

 

Deferring the change to CGT payment might encourage landlords to sell now/before this date

 

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Is this budget designed to encourage leveraged BTL landlords to sell now?

For selling relevant to this and recent budgets:

+ Abolition of Stamp duty for FTBs for houses up to 300k (or first 300k of max 500k house price)

+ No change from previously announced and implemented S24 and the gradual reduction of mortgage interest relief

+ Deferred payment of capital gains tax (before it becomes a 30 day demand after selling)

+ Councils given the green light to charge 100pc penalty on empty homes (presumably this applies for void periods) 

+ Tightening up of incorporated landlords?

 

Monetary policy:

+ The stalwart of low interest rates has increased the base rate, which psychologically will get folks thinking that they can increase from here

 

Politically:

+ A lot of attention on the taxation of housing and the plight of FTBs

+ High Political and economical uncertainty

+ The possibility of a more radical Corbyn obtaining power

 

Anything else? There's lots more. What about against selling?

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There is detailed guidance for the scheme here

https://www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers-guidance-note

 

Seems the government has found a way to discourage people getting married/partnering up too.

If you buy a property on your own as a first time buyer you qualify for the stamp duty relief. If you buy jointly with a partner/spouse (page 5 of the guidance) who has bought before you are ineligible. So if you want to get the relief - split up with your partner and buy on your own.

However if you buy jointly with someone who isn't an FTB you do qualify for the help to buy isa bonus as a first time buyer (or can use the lifetime isa).

When is a first time buyer not a first time buyer?- the Treasury seems to have a different definition for every policy!

 

'All the purchasers must be first time buyers. See Chapter 3 for the meaning of first time buyer. If there are any purchasers who are not first time buyers then no relief is available.'

Edited by MARTINX9
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2 hours ago, oracle said:

disagree.

permanent low growth is down to bad management/over regulation.

But..but..but, the unions were smashed, we threw out the working hours and conditions standards, got rid of all the regulations. TPTB worked out that they could make stuff cheaper overseas and that was it, the only way to bump up GDP then was to increase the population (freedom of movement) and give everyone credit cards and jobs selling (weak) coffee to each other. There's the last forty years for you in cup, squire.

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