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MSE News: Stamp duty bill for average properties in Scotland to be slashed
Former_MSE_Paloma
Posts: 531 Forumite
Home buyers in Scotland purchasing properties worth up to £135,000 won't pay stamp duty from April 2015
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Stamp duty bill for average properties in Scotland to be slashed
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Stamp duty bill for average properties in Scotland to be slashed
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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What a dishonest spin, and what weasel-worded reporting on here...
Average stamp duty is of course not being slashed, and it's going up quite a lot on some properties.0 -
What a dishonest spin, and what weasel-worded reporting on here...
Average stamp duty is of course not being slashed, and it's going up quite a lot on some properties.
Stamp duty will be less for most house buyers and only will be more for those buying houses over £325k- is that not correct?0 -
Stamp duty will be less for most house buyers and only will be more for those buying houses over £325k- is that not correct?
Will the measures be counter productive though? Far easier for those with money to walk. What's next on the agenda. From what is so obviously a Government with a far left of centre philosophy.0 -
Nobody wants to pay any tax, but the sudden jump at each threshold is just non-sense, and obviously will lead to sneaking around the threshold.
All they have to do is to make it work like income tax, which the new Scottish system seems to do.
Stepping back, you could say somewhere to live is a basic human right, so if basic food stuff should not be taxed, then neither should a house, up to a sensible threshold. For London, I would say houses below £500k should be free from stamp duty.0 -
What a dishonest spin, and what weasel-worded reporting on here...
Average stamp duty is of course not being slashed, and it's going up quite a lot on some properties.
Stamp duty for the average-priced house will go down. Any purchase over £324k will attract higher duty. The average house price in Scotland is probably half that.0 -
So what taxes would you like to increase to make up the shortfall in revenue?Nobody wants to pay any tax, but the sudden jump at each threshold is just non-sense, and obviously will lead to sneaking around the threshold.
All they have to do is to make it work like income tax, which the new Scottish system seems to do.
Stepping back, you could say somewhere to live is a basic human right, so if basic food stuff should not be taxed, then neither should a house, up to a sensible threshold. For London, I would say houses below £500k should be free from stamp duty.0 -
So what taxes would you like to increase to make up the shortfall in revenue?
Lots of houses in London worth MORE than £500k.
Instead of mansion tax, 10% stamp duty on houses worth more than £2million, instead of 4%.
Currently, one principal private residence is exempt from CGT to an unlimited amount. We can make it a fixed allowance, like the £325k IHT (inheritance) threshold. So, you bought a house 20 years ago for £100k, which is now worth £500k, so the gain is £400k. If the fixed allowance is £350k, you pay CGT on £50k. A person who made £1 million in gains, would pay CGT on £650k.0 -
Lots of houses in London worth MORE than £500k.
Instead of mansion tax, 10% stamp duty on houses worth more than £2million, instead of 4%.
Currently, one principal private residence is exempt from CGT to an unlimited amount. We can make it a fixed allowance, like the £325k IHT (inheritance) threshold. So, you bought a house 20 years ago for £100k, which is now worth £500k, so the gain is £400k. If the fixed allowance is £350k, you pay CGT on £50k. A person who made £1 million in gains, would pay CGT on £650k.
Stamp duty is 7% on properties over £2 million, not 4%.0 -
chewmylegoff wrote: »Stamp duty is 7% on properties over £2 million, not 4%.
http://www.hmrc.gov.uk/sdlt/rates-tables.htm
So it is. I stand corrected.
Really need to check it more often. Hmm, probably won't.0
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