£24 000 stamp duty!!!! I feel ill.

belleooo

cashdaddy wrote:

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

There's a similar scenario with Inheritance Tax (IHT). Increasing property prices will mean that more and more ordinary people with be faced with possible IHT bills, which were originally targetted at the wealthy, in years to come. Mr Brown must be loving this property boom.

belleooo

Debt_Free_Chick wrote:

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

Not necessarily. Small businesses are particularly hit hard with this. Take farming for example. Property and land is mega expensive so the duty is heavy. But the proffession itself hardly puts you in the rich stakes.

belleooo

hedgehogpenguin wrote:

I think it's sensible redistribution of the wealth!

Why? If you've worked hard all your life don't you deserve a nice property without being ripped off by Brown et al? I don't want to turn this into a political argument, and I'm hardly rich myself, but if you've built a successful business through sheer hard work then you deserve to reap the rewards.

southernscouser

Pauper!

Instead of paying all that stamp duty why don't you pay off my debts instead? Imagine how good you would feel! :beer: :rotfl:

movingforward2010

mine was £1800 and i thought that was bad lol

belleooo

pawpurrs wrote:

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,

In some areas this won't pay for a one bedroomed flat. It's unbelievable really.

belleooo

RHemmings wrote:

Somebody who can buy a £600K house is not an ordinary person. You have now achieved rich b'stard status, and should cough up.

Jeez.... the mind boggles! Small business people are also caught up in this web and most aren't rich b'stards. They are ordinary people like me and you.

belleooo

whambamboo wrote:

Sadly, it doesn't buy you that much, at least not in London.

A one/two bedroomed studio flat next to a smelly polluted river in Leeds city centre will set you back in excess of £500,000.

PoorDave

F_T_Buyer wrote:

:rotfl:

Yes, you're probably right!

I had to be sooner or later eh?

scheming_gypsy

Gorgeous_George wrote:

We all pay tax.

The wealthy don't pay enough tax. There really should be a 60% or 80% limit. People don't earn massive wages, they just get paid it.

so then somebody on 100k a year would take home 20k and somebody on 35k (for example) would take home more?