£24 000 stamp duty!!!! I feel ill.

cashdaddy

I am having to pay £24k in tax on my house purchase, which is more than I paid for my first house in 1996!!!

What i'd love to know is, how much revenue does the treasury rake in from stamp duty each year and what does Gordon Brown spend it on? Many people are now paying 3% and 4% duty on their purchases as we all watch the prices of houses riseing. I don't however, see the chancellor adjusting the thresholds in-line with the rises, and why would he if he is making a tidy mint from us all?

The upper stamp duty rate used to be paid by only the wealthy, but it is now affecting many more ordinary people.

sooz

it does not cost that much to put a stamp on a document - let's call it what it really is - another tax!

cashdaddy

it does not cost that much to put a stamp on a document - let's call it what it really is - another tax!

That brought a smile to my face, as you are so right.

Debt_Free_Chick

cashdaddy wrote:

I am having to pay £24k in tax on my house purchase, which is more than I paid for my first house in 1996!!!

Why are you surprised? You must have known what the stamp duty would be for the price range you were looking at

What i'd love to know is, how much revenue does the treasury rake in from stamp duty each year and what does Gordon Brown spend it on?

You might find it here

However, tax - including stamp duty - generally goes in to the Treasury melting pot and each part is not specifically earmarked. Stamp duty will go to pay out benefits, tax credits, public sector pensions, wages for those in Government etc .... anything required to "run the Country".

Many people are now paying 3% and 4% duty on their purchases as we all watch the prices of houses riseing. I don't however, see the chancellor adjusting the thresholds in-line with the rises, and why would he if he is making a tidy mint from us all?

But income tax rates are lower .... swings & roundabouts.

The upper stamp duty rate used to be paid by only the wealthy, but it is now affecting many more ordinary people.

Ordinary people who own expensive properties. To some people, they are "wealthy".

I'm not entirely unsympathetic, but what's to be done? All you can do is to vote with your pen the next time you're in the ballot station Doesn't mean to say that any other lot will be more generous though!

Mrs_Arkwright

Does that mean your house cost £800,000?:shocked:

lilyann1

Oh dear I thought mine was bad enough at £13k !!!!

irnbru_2

cashdaddy wrote:

I don't however, see the chancellor adjusting the thresholds in-line with the rises, and why would he if he is making a tidy mint from us all?

If we can have wage inflation in line with HPI, I'll vote for you!

cashdaddy

Mrs_Arkwright wrote:

Does that mean your house cost £800,000?:shocked:

No, £600 k

hedgehogpenguin

I think it's sensible redistribution of the wealth!

Graham_Devon

cashdaddy wrote:

No, £600 k

Then I really don't see what your problem is.

You wanted the house, you knew you would ave to pay that much. If you didnt want to pay it, buy a 2 bedroom semi.

You still think it's only paid by the wealthy? I don't think you have any idea how wealthy you are to some of us who haven't got a few pennies to rub together.

pawpurrs

600k is hardly not wealthy, although i agree the 250k threashold should be increased, as in most areas this is not a luxury home anymore, but 600k is nearly three times that amount!

Another stealth tax though.