The UK's worst tax... stamp duty Blog Discussion

MSE_Jenny

This is the discussion to link on the back of Martin's "The UK's worst tax... stamp duty" blog. Please read the blog first, as the discussion follows it.

Read Martin's "The UK's worst tax... stamp duty" Blog

[Deleted User]

Having just sent of a big fat 2K cheque off stamp duty on my own home; i've got very strong feelings on this. Why have the levels not changed over time to reflect the steep increase in house prices? If the government wants to make things easier for young people to get on the ladder, why, as a first time buyer, do i have to pay this at all? There are NO properties in my area under the 125K boundary. I've had to save extremely hard to pay for the deposit, then I get stung with another, arbitrary tax.

Poppycat

I think stamp duty did rise quiet considerable early this year, however, not in line with house prices, to be fair its never going increase propionate to house prices as they fluctuate so much even at a local level.

However I do think they should have risen much higher and a percentage over the threshold and not the full whack.

Its another tax and it doesn't just hit the rich which it use too.

Anything involved with house buying is a rip off, conveyancer, EA, mortgage fees.

I now how you feel ringo, I am forced to move because of my daughters disability and then find my wonderful broker/lender messed up and now find I have to pay £599 mortgage fee instead of the £99 laid out on mortgage keyfacts. They then whack another £25 insurance charge because I didnt have insurance with them, only I did.

PoochyChoo

2k..... i would of loved to pay that...

we paid

£11,225 yeah you read that right..... just how crap is that.

Ad

I'd love to be able to afford the property to pay the stamp udty on.......oh well.....

It does seem a bizarre tax though and obviously unfair especially as house prices have risen so high.

BigBelly

Cutting stamp duty would just drive house prices even higher. The real problem is high house prices - lower prices would mean that less people would need to pay high stamp duty.

James_Bond

ringo_24601 wrote:

If the government wants to make things easier for young people to get on the ladder, why, as a first time buyer, do i have to pay this at all?

The government don't care about anything - just their salaries. You should've learnt that at school!

Crabman

Poppycat wrote:

Its another tax and it doesn't just hit the rich which it use too.

Off-topic I know and not really related to this blog, it is sadly ironic that those on a salary of ~£15,000 pay a greater percentage of tax than the rich and very rich do. :rolleyes:

michaels

Martin - I really think you should remove this blog entry before the cancellor reads it and hinks he can do the reverse of what you suggest and apply the crazy tiered structure to income tax - ie how does cutting the top rate from 40p o 35p sound...by applying it to 100% of income of course rather than just any over the threshold.

I also find this tax unpleasant because it discourages people from moving so either they can not take jobs elsewhere or they just commute further - and that is the last thing the environment needs.

Surely it would be fairer to tax capital gains rather than having a transaction fee if you think it is necessary to redistribute the proceeds of house price inflation?

My final comment - it is disappointing to see that there is so little momentum behind any change in this inequitable tax - the comments above, while valuable, do not address your core arguement which makes me think that the issue is still not properly understood by many, rather like the penson fund raid that the current chancelllor also did.

IvanOpinion

Disagree Martin, the worst and most abhorrent tax is definitely IHT where this chancellor is determined to rob the graves of the dead. Not satisfied with his corrupt taxation policies he actively targets the death beds of those who have probably paid tax all their lives and why .. probably to top up his own pension scheme ... IHT is a disgusting, abhorrent reflection of the most corrupt and selfish government I have had the displeasure of living under.

Ivan

ipsizeland

Hi Martin

Not sure if everyone's aware of this one - but it's worth checking!

If you're buying in an area that's considered 'disadvantaged', the property will be exempt of Stamp duty up to £150,000.

All you have to do is check the postcode...

http://www.hmrc.gov.uk/so/pcode_search.htm

We got a Stamp Duty refund after buying in the eastend of Glasgow - but many 'disadvantaged' areas come up in value. Stamp Duty exemption is to help increase investment in the area...