Monday, June 30, 2008

Given the current state of the housing market, it looks like unlikely timing….

Falling home sales prompt renewed calls for stamp duty reform

Plummeting housing transactions have prompted the Royal Institution of Chartered Surveyors to renew calls for reform of stamp tax, calling for a two-tier tax system in which no one would pay the tax on the first ₤150,000 of a house price. Under the institution’s proposals, above the ₤150,000 limit a 2.5% rate would be charged on every pound, up to ₤250,000, after which a 5% rate would apply.

Posted by rental john @ 05:41 PM (678 views)
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2 thoughts on “Given the current state of the housing market, it looks like unlikely timing….

  • Oh dear.Lifting tax off houses just puts the price up. To my knowledge ,all the professional organisations have adhered to this fallacy (that cutting taxes makes houses more affordable) for the best part of 40 years. Kinda slow learners.(Yes I am getting on a bit: No I have n’t made a killing “investing in property”,even back then the property market was a nasty business.)

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  • This has got to be a piss-take. Surely this would make the whole process of buying a house much more expensive than it already is……nothing up to 125K, then 1% up to 250K, then 2% up to350K and then 5% above 500K. Are RICS now suggesting that we pay even more money to our worthwhile leaders, or do they now believ that prices will fall so sharply that very little, except the really luxury stuff will be over 250K in the not too distant future. Krusty is calling for scrapping stamp duty for FTB’s and RICS is calling for crucifiction of FTBs. I sense GB’s tax snout in this!!!!

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