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Gordon Singing Broadway Tune: We're In The Money

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http://today.reuters.co.uk/news/articlebus...xml&src=rss

Stamp duty tops one billion pounds in Q2
Wed Sep 6, 2006 4:40 PM BST140
By Jennifer Hill
LONDON (Reuters) - Revenue from stamp duty has surged almost 30 percent in the last quarter, despite the chancellor increasing the starting threshold, figures showed on Wednesday.
Total stamp duty paid by UK homebuyers broke through the 1 billion pound mark in the three months to end-July -- up 29.5 percent on the 774 million pounds paid in the previous quarter, analysis by the Portman Building Society showed.

With a stealth tax of this magnitude its little wonder he doesn't want IR to go up.

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LONDON (Reuters) - Revenue from stamp duty has surged almost 30 percent in the last quarter, despite the chancellor increasing the starting threshold, figures showed on Wednesday.

The Chancellor raised the starting threshold from 120K to 125K. Big deal.

Total stamp duty paid by UK homebuyers broke through the 1 billion pound mark in the three months to end-July -- up 29.5 percent on the 774 million pounds paid in the previous quarter, analysis by the Portman Building Society showed.[/indent]

With a stealth tax of this magnitude its little wonder he doesn't want IR to go up.

There's nothing stealthy about SDLT (It isn't called Stamp Duty any more). It kicks you in the stones just when you don't need it. It is the most pernicious tax there is. It's worse even than IHT because the price you pay for a property has nothing to do with your wealth these days. In fact the higher the value of the property you buy the less wealthy you probably are (because of the huge debt you've taken on). How is it that in this country we believe it's OK to be taxed for moving house (which is usually done for personal reasons). Tax investors by all means but there should be a principal private residence exemption for SDLT in the same way that there is for CGT.

Rant over :angry:

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http://today.reuters.co.uk/news/articlebus...xml&src=rss

Stamp duty tops one billion pounds in Q2
Wed Sep 6, 2006 4:40 PM BST140
By Jennifer Hill
LONDON (Reuters) - Revenue from stamp duty has surged almost 30 percent in the last quarter, despite the chancellor increasing the starting threshold, figures showed on Wednesday.
Total stamp duty paid by UK homebuyers broke through the 1 billion pound mark in the three months to end-July -- up 29.5 percent on the 774 million pounds paid in the previous quarter, analysis by the Portman Building Society showed.

With a stealth tax of this magnitude its little wonder he doesn't want IR to go up.

Thats not enough to pay for the public sector's pensions.

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After reading that house sales in the last quarter where 268,000, I estimated that stamp duty would have been around £1billion. It looks like I was just about spot on. No wonder the government don`t seem to be wanting to put a stop to the housing boom. More stamp duty, more inheritance tax, more people with bigger mortages that will have to earn more money (and therefore pay more income tax), more building companies making bigger profits (more corportation tax) and banks making bigger profits from mortgages (even more corporation tax). The idiots that fuel the housing market are just handing more control of their money over to the government. Come the election, the government will (assuming property prices have increased) tell the public how well off they are (due to the "value" of their property). What a huge scam. Anyway, I`m glad that others play along with this scam, as it keeps my income tax down.

Edited by Prof

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I'm sorry but can someone explain why it is that when Chancellor's collect money from tax payers somehow they are "in the money" or rubbing their hands in delight, blah blah blah.

Chancellors do not get performance related pay or bonus schemes based on the tax HMRC collects. The money collected belongs to us and is used to fund the government.

I'd rather they collected loads of money from greedy and selfish home buyers than from the poorest members of the population.

Its very odd point of view when you think about it.

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I'm sorry but can someone explain why it is that when Chancellor's collect money from tax payers somehow they are "in the money" or rubbing their hands in delight, blah blah blah.

Chancellors do not get performance related pay or bonus schemes based on the tax HMRC collects. The money collected belongs to us and is used to fund the government.

I'd rather they collected loads of money from greedy and selfish home buyers than from the poorest members of the population.

Its very odd point of view when you think about it.

If it wasn`t for "stealth" taxes, such as stamp duty, inheritance tax, duty on cigarettes, alcohol, fuel etc, I wonder what the income tax rate would be ? I`m sure that there would be a huge outcry if tax suddenly became "transparent". I don`t hear many people complaining about stamp duty, as it probably gets "lost" in all of the other expenses involved in buying a house. And while house prices are rising, what`s a few grand to the inland revenue when you`ve just "made" £70K on the property you`ve just sold ? Stamp duty on houses is one of the "stealthiest" stealth taxes. Anyway, I`m not that bothered by stamp duty, as I haven`t moved house, and it is helping to keep my tax bill down. Should the housing market crash, I wonder where the government will get the loss of stamp duty from (the reduction in stamp duty will not be just from lower house prices, but from a reduction in house sales) ?

I`m rambling.

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  • 302 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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