Thursday, October 15, 2009

These guy’s want to have their cake and eat it

Property coalition calls for abolition of Stamp Duty

A property coalition has called for Stamp Duty to be abolished, slamming the property tax as a relic that fails to reflect the modern UK housing market. The coalition has been formed out of a joint campaign from the National Association of Estate Agents and the Association of Residential Letting Agents. Peter Bolton-King, chief Executive of the NAEA, says that as well as being a barrier to entry for many first-time buyers and home movers, the tax also unfairly penalises buy-to-let investors.This is because landlords have to pay Stamp Duty on their purchases in bulk, rather than paying it for individual properties...........

Posted by jack c @ 01:09 PM (1263 views)
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13 thoughts on “These guy’s want to have their cake and eat it

  • Stamp duty should be abolished altogether.

    There lies just one of the rubs, but it is a huge one.

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  • add inheritance tax too this is just criminal tax on top of tax you have already paid all your life..

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  • I am sure someone here can think of another way the government can cash in without such an adverse effect on house prices.

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  • It’s only a tiny point but I wish we could just drop the out-dated term altogether. Let’s be honest about it and call the damn thing what it is, ‘House Purchase Tax’.

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  • mark wadsworth says:

    I’ve been saying for a while that their next throw of the dice will be to scrap SDLT or lift the zero rate threshold. That’ll give house prices a modest boost (and being a tax on land values, it is economically borne by the vendor not the purchaser, despite what the law says).

    OTOH, SDLT and Inheritance Tax are crying out to be scrapped and rolled into Land Value Tax, together with Council Tax.

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  • If all is well with the housing maket, why do they ask for the abolition of stamp duty?

    I would introduce a higher tax for second homes. Let’s not be greedy now.

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  • @mark wadsworth

    Would it make sense to add TV licence to that bundle too?

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  • greenshootsandleaves says:

    Bolton-King says: “The time has come to reassess Britain’s most unpopular tax, which is a levy on those aspiring to own their own homes and is manifestly perceived by all those who pay it as being unfair and punitive.”

    Correction #1: it’s the most unpopular tax in SOME circles.
    Correction #2: it’s more especially a levy on those aspiring to own LOTS of homes.

    Anyway, yet another preposterous demand by the parasite lobby (on behalf of FTBs, of course). It is a sign that the said lobby is becoming increasingly rattled. We should all see this as a most welcome sign.

    Reducing demand (and, by the same token, lowering prices) by putting a damper on BTL (as the downturn has done) will do FTBs the power of good (who’s THEIR spokesperson, by the way?).

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  • contrails are not a conspiracy (formerly npnh) says:

    greenshootsandleaves … great name :o)

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  • Stamp Duty is the only tax that specifically encourages socially undesirible behaviour eg NOT relocating to find work, NOT downsizing to fit your lifestyle and NOT selling up when it would make sense to do so.

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  • greenshootsandleaves says:

    luckyjim @ 9
    While there would doubtless be legitimate reasons for abolishing stamp duty, accommodating the wishes of Mr Bolton-King is definitely not one of them. What would be his next demand? That the taxpayer compensate vendors for any nequity (a tax in all but name) on their property? I’m sure there are lots of things which happen to hinder both labour mobility and the flow of funds into EAs’ coffers.

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  • Surely a certain slant on the topic by Bolt-on King here. Unfair on BTLers as they have to pay stamp duty “in bulk” (whatever that means) and acts as a barrier to FTBers.
    A far greater barrier to FTBers is the ridiculous price of property inflated, to a very significant extent, by BTLers who are therefore clearly not paying anything like enough tax to compensate for the antisocial consequences of their activities (ie depriving FTB of affordable homes, thereby leading to artificially high demand, unnecessary building of new property etc). As greenshootsand @ 7 says, it is undoubtedly unpopular amongst multiple owners…so that’s good, but clearly not sufficiently unpopular enough to deter them.
    What relief does Mr Strap-on King want for the bulk purchaser of housing? No stamp duty? Buy one get one tax free? And how can the total tax paid be any different to if the BTLer bought the properties one at a time? Finally, how do the posters here suggest the big fiscal hole is filled? (not the space between Strap-on’s ears…the budget I mean). Seems to me a very progressive stamp duty system is a good means of i) dampening demand and ii) targeting those who obviously have the means to pay. Win Win I’d say…bring more of it on.

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  • siete degli ignoranti! guy’s or guys?

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