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Telegraph: Rather than ending the stamp duty holiday, the Government should scrap the tax altogether


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Rather than ending the stamp duty holiday, the Government should scrap the tax altogether

https://www.telegraph.co.uk/opinion/2021/01/13/rather-ending-stamp-duty-holiday-government-should-scrap-tax/

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Far better to make the holiday permanent. It would be welcome relief for those unable to meet the March deadline, but also a signal of the Government’s intent: to put aspiration, freedom and growth first.

'Growth' aka Inflation.

In other news, the Daily Mail are reporting that Harry Potter is attempting to make amends with his 'beloved' Aunt and Uncle Dursley upon the realisation that his room under the stairs in their house worth £560,000 in Little Whinging, Surrey was actually rather a good deal. The cupboard, measuring 2'6" x 5'6", has recently been redecorated with Farrow and Ball's Cornforth White attracting a rent premium of 25%.

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10 hours ago, Notting Hell said:

Rather than ending the stamp duty holiday, the Government should scrap the tax altogether

https://www.telegraph.co.uk/opinion/2021/01/13/rather-ending-stamp-duty-holiday-government-should-scrap-tax/

'Growth' aka Inflation.

In other news, the Daily Mail are reporting that Harry Potter is attempting to make amends with his 'beloved' Aunt and Uncle Dursley upon the realisation that his room under the stairs in their house worth £560,000 in Little Whinging, Surrey was actually rather a good deal. The cupboard, measuring 2'6" x 5'6", has recently been redecorated with Farrow and Ball's Cornforth White attracting a rent premium of 25%.

Never. Only if they refund all us mugs that had to pay it in the past.  I’m down over £20k through the years of the housing ladder. 
 

 

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3 hours ago, markyh said:

Never. Only if they refund all us mugs that had to pay it in the past.  I’m down over £20k through the years of the housing ladder. 
 

 

Two wrongs don't make a...?

My dad beat me, so I'm sure as hell not going to let my kids enjoy their childhood!

 

Drop the tax and drop benefits too.

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When Stamp duty first came in it was for Luxury Houses only those over £15,000 when the average house price was £8,000. It was also just 1% across the board.

Due to the starting rate not being increased in line with inflation fiscal drag led to most people having to pay it. 

Then Gordon Brown started putting the rates up and the Tory's have had their hands in house buyers pockets too. 

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A 'Tax on Aspiration' my ar*se! Tory boy whining.    Note after the sucess of Br*xit and how the Br*xit Ultras (the ERG) influenced BoJo, it's not surprising a Property Research Group has arisen link

 

Income tax is a tax on aspiration - but they don't pay that so its ok

 

 

 

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New house i'm buying is already Band F - 2700 quid a year!  Not sure how much it would be if they go about revaluing for council tax update.  As for the stamp duty holiday, we managed to benefit from it as it was announced a few hours after our offer was accepted.  Can't see them extending it.  

Edited by Martin_JD
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On 15/01/2021 at 09:17, markyh said:

Never. Only if they refund all us mugs that had to pay it in the past.  I’m down over £20k through the years of the housing ladder. 
 

 

Ii'd hazard  a guess that you're not down overall though when HPI is taken into account..

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Not sure an extension to stamp duty would do much now. The mass of moves are done/in process. This year will be fallow whatever happens.

 

Who would think oh! 6 more months!? Let me move! I really want to go through the rigmarole just because I might or might not make a new deadline down the line. The mugs who fell for it have fallen for it.

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The problem with stamp duty is it impedes ‘social mobility’. This I’ve never understood. It’s encouraged, and yet punished at the same time! The stamp duty holiday has demonstrated this rather nicely. People have seen their chance to move without being punished and gone for it in a big way. So what next, business as usual?

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It is actually hard to get a figure on the amount the uk spends on benefits - but most of it is the pension.

about £100bn for non-pension, £120bn for pension

Apparenty that doesnt include the cost of administering it all

 

 

Total cost of tax evasion about £70bn but ranges from £30 odd billion to £122 billion

 

Of course what should happen is that money going to scroungers like landlords shouldn't leave the treasury. Money to help people actually live in this wonderful society that doesnt go to landlords / other leeches - going on food or whatever. that's cool. Then, once the landlords pull out because they dont get the free oney from govt, plus closing those tax issues we might be getting somewhere

 

 

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This latest Telegraph stamp duty extension story headline is the best yet - 'raising stamp duty would be a betrayal of our young and prove the Tories have given up on freedom!'

I thought it was a spoof - but its real.

You may take our homes and our stamp duty - but you will NEVER take our Freedom!

https://www.telegraph.co.uk/news/2021/01/16/raising-stamp-duty-would-betrayal-young-proof-tories-have/

Edited by MARTINX9
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14 hours ago, opt_out said:

As long as they replace it with an annual property tax  (as a proxy for Land tax which would be better)

 

Wouldn't surprise me if they did that in some way, via CT or separate.......regular income that can be increased annually ongoing, tax/rent......over time would bring in more money as inflation increases ..... can't afford it add it as a charge on the house plus interest, payback time when sold or leave with a take away loan.......people should be careful what they wish for.;)

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The whole framework of taxation needs to be revisited - it is a continual patchwork of grabs (remember income tax was a temporary need from the Napoleonic wars) and dodges.

Yes we want a Social Contract and Public Services, so we need to work out how to pay for them on the basis that people can help each other by helping themselves. 

Rentierism , Hoarding , and mad gainz should be discouraged, as should the idea of inheriting fortunes (I don't care whether someone in the 1800's worked for it....you coming out of the 'right' Uterus doesn't mean YOU earned it).  In return we need a link between benefits and what was put in - enhanced benefit levels, Civil Contract Points, Public/Personal Insurance Accounts are all ideas to be explored.  I really don't like the idea of 'maximum wealth limits' but it should work at a stick to drive genuine reform.

Oh and the idea of 'non dom residency' needs to be binned.  You are either a UK citizen or not. 

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It’s a stupid tax and totally punitive in London, where moving to a fairly normal family home could cost you £50k+. That’s a lot to pay for something you might not get anywhere near £50k use of (when compared with rent, plus mortgage interest). 
 

I think it should be scrapped and replaced with an annual tax, but any stamp duty paid on a property already should be used as credit for future payments (amount depending on how long ago the property was bought). So for example, someone paying £50k stamp duty doesn’t then immediately need to pay the ongoing tax as well.

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On 15/01/2021 at 12:28, Wayward said:

Not read article but do they say which taxes to increase to compensate? They won't cut spending.

They would introduce a percentage tax levy annually on the value of each residential property in England - property taxes are devolved matters in Scotland and Wales. Presumably at a rate sufficient to raise £50 billion - £35bn currently raised in council tax and £15bn in residential stamp duty.

So revenue neutral - in theory.

Edited by MARTINX9
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