Wednesday, April 25, 2012

So all that wailing re: Mansion Tax was for naught?

London buyers shrug off hike in Stamp Duty, say agents

Last month’s rise in Stamp Duty to 7% on £2m-plus properties has apparently had little effect on the prime central London market. Cluttons said it has seen a number of deals exchange and complete since the new higher tax bracket was introduced and has continued to agree new offers on properties worth in excess of £2m. The firm says there has been no evidence of price renegotiation or buyers requesting that sellers share the additional buying costs. James Hyman, partner for residential sales at Cluttons, said: “Buyers have taken a very mature attitude towards the comparatively small additional cost when purchasing above the £2m mark, accepting it is part of the premium they need to pay in order to secure the property they want

Posted by sibley's b'stard child @ 09:09 AM (1133 views)
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3 thoughts on “So all that wailing re: Mansion Tax was for naught?

  • mark wadsworth says:

    Buyers couldn’t care less about Mansion Tax because the price would adjust down accordingly. It’s the Poor Widows In Mansions (and the Baby Boomers rubbing their hands in glee at their inheritance) who are used as human shields.

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  • I’d have thought most of the extra being paid on £2m+ properties is probably all tax deductable anyway.

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  • The key figure is to find out how many sales of £2m+ actually attract stamp duty. Since approx 100k properties in London are registered as owned by offshore companies, they can be sold without HMRC knowing and hence no stamp duty. I wonder if the government will follow through on its idea of slapping an annual tax on such properties in recognition that they won’t ever get stamp duty from them again?

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