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

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  • buglawton
    buglawton Posts: 9,235 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    That's a well worn trick and only worth considering if you are very close to the tax cliff edge.

    How about just staying put like I do, so that you can contribute to UK Downturn (c)
  • We are still in the throws of moving and racking up costs by the minute, most of which are justified, although when I was gainfully employed I would love to have earnt as much as the solicitors, surveyors, estate agents etc we are using.
    We are still at a loss as to the origins of SDLT and although we have discussed the subject with money people and other worthies the answers we get do not add up to the extortionate amounts charged.
    There is a rumour that SDLT might be reviewed in the future but I have stopped believing anything relating to government promises, dating back to the rent reforms promised in the sixties, these resulted in big problems and riots in north London at the time.
    ????
    However if anyone out there can offer up an answer to my original questions I, and I suspect the other peeps in our chain, will appreciate your help.
    Alan
  • buglawton
    buglawton Posts: 9,235 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Don't sell, rent it out to another MP and you rent his. Confidentiality assured! Expenses re-imbursible!
    Oh, you're not an MP?
    Hard luck then.
  • Many thanks for the tip, but I doubt whether any party, except perhaps the Raving Loonies, would support me in my quest to bring a bit of sense to Parliament.
    Why is this, I hear you ask ;)? Because the first edict would be to abolish the party system and employ members on the basis of 'best 'man' for the job.
    I feel I would have a bit of competition for the Chancellors job but I'm sure I would stay elected purely on the 'bring a little sense to SDLT' ticket.
  • Hi everyone
    Been a while but I will probably be on here a lot as looking to buy a house in next 6 months and this site is invaluable!

    For now though I just wanted a bit of a rant.

    After so much careful planning and bugeting and saving I didn't take into account the 3% stamp duty rate on the price bracket we were looking at (don't ask me how, I knew it was there, I think I was a bit wishy-washy about it until I read the actual figures in horror) :eek:

    I am so appalled! We are going in for a 5% deposit and the stamp duty is almost as much!

    I wonder if the government wants to do so much to help why don't they do something about that?

    AND another thing - I don't think it's fair that it is the same rule for the whole country. In some areas to the majority of housebuyers this won't apply - but in some areas if you are looking to get a family home you aren't looking at much less change of 250+. Makes me feel even more sorry for people that live in London and other über expensive areas.

    I was wondering if many other FTBs have been in this situation whereby they are been limited purely on the stamp duty aspect? I knowthat, in an ideal world, I would rather wait and get all the money together, inc. bigger deposit but alas we need to move quicker then planned so unfortunately got to just go with it.
  • buglawton
    buglawton Posts: 9,235 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 24 July 2013 at 3:55PM
    It's what is known as a regressive tax because it takes no proper proportional account of ability to pay it. I suppose its also a landlord's friend: Suppose you were to sell and buy 3 times in 10 years, in order to be mobile for work opportunities. That's about £30k for moving between modest London flats or suburban semis - BEFORE moving and legal costs! Better stay renting?

    This tax also has a cliff-edge that makes people very nervous around the 250k threshold value, which oddly is where most modest S.E. England housing stock is sitting right now.

    I remember Cameron coming out with a lot of sound-bite about 'nudging' people into better behaviour that benefits themselves & society.

    Cameron's Nudge - has it worked?
    http://www.guardian.co.uk/politics/2013/may/02/nudge-unit-has-it-worked

    Heart of this ought to be sensible tax policies. E.g ones that encourage people to be mobile for work and not wreck the environment & their health driving intergalactic miles reach it:

    50% rise in long-distance commuters in 5 years:
    http://www.dailymail.co.uk/news/article-2325262/Rise-super-commuter-Number-Britons-travelling-hours-day-work-soars-50-cent-years.html

    Well, looks like that all it was, a sound-bite material.
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