Stamp duty tipped for Autumn Statement shakeup

grizzly1911

michaels wrote: »

- we don't tax second hand car sales.

A refund would be due on the depreciation.

michaels

grizzly1911 wrote: »

A refund would be due on the depreciation.

And yet we pay stamp duty whether the house been sold has appreciated or gone down in value....

MFW_ASAP

Thrugelmir wrote: »

Scotland is proposing to do many things. Like the Labour party's policies, how it will be funded is another matter.

I read that Scotland already get more out of the tax pot than England, perhaps that's how they can afford free Uni places and such?

I'm hoping that the Scots do vote to break away from the Union, if nothing else we'll then get to keep more of our taxes. I doubt very much that they will vote Yes, talk about turkeys voting for xmas. Besides, the Scots know which side their bread is buttered.

I wonder if we'll still have the thinly veiled anti-English racism and references to long-forgotten (at least by the English) historical battles when they actually vote to stay with us? I doubt it.

Fella

MFW_ASAP wrote: »

I read that Scotland already get more out of the tax pot than England, perhaps that's how they can afford free Uni places and such?

Yes although there are counter-arguments i.e. re oil.

Personally I definitely don't think the vote should be a one-way thing, either Scotland AND England should get to vote on whether to be in union or neither should. Ludicrous that Scotland should get a vote & not England.

chewmylegoff

Loughton_Monkey wrote: »

Spoken as a true accountant.

But when I advocated selling the house for far less than Market Value, making it up by charging £250K for the curtains, I was told HMRC would be onto that like a Rottweiler!

So this would be dealt with by (a) a retrospective judgement for the kids to pay the tax anyway, (b) a 90% penalty tax on top, and (c) a 30 year jail sentence for tax fraud.

But like Michaels, I do prefer tax to be deferred until death. The dead don't complain too much about their tax bills. [Mind you, I assume the easiest evasion trick is simply to die abroad. Methinks those Swiss clinics would be rolling in it!]

You can sell your house for whatever sum you like. You don't have to sell for 'market value' and stamp duty is calculated on the price paid by the buyer not the market value.

What you cannot do is pretend that the price was X and actually charge the buyer Y. So you can't sell your house for £250,000 and charge another £25,000 for your grotty carpet that is worth £10, or rather you can but the tax rules say that stamp duty will be calculated on the total consideration for the house+carpets (unless of course you have charged market value for the carpets - so you could charge £250,000 for the house and £10 for the carpet, and not be evading tax).

MFW_ASAP

Fella wrote: »

Yes although there are counter-arguments i.e. re oil.

I'm currently in Aberdeen working with an oil company. Some of the employees are saying that if Scotland can split away from the Union, then the Shetland Islands can vote to split away from Scotland - apparently they have a greater kinship with Nordic countries, rather than Scotland.

If the Shetlands breakaway they'll take a ton of the oil with them (and why wouldn't they break away if it will make them all rich). That's the trouble with doing an economic 'smash and grab', it makes other people consider doing the same thing.

I was also told that because of the border with Northumbria is so high up, a decent section of the North Sea will actually fall under England's borders.

I saw a report in a Scottish paper that said something like 25% of Scots want to break away, whereas 60% of English/Welsh want them to. The Scots have to be careful with their 'yes' vote propaganda that borders racism that they don't further alienate their neighbours.

What will be interesting is whether we still have all that 'Braveheart' and 'Anyone But England' crap. It's hard to rant against the English when they had the chance to break away and didn't take it. No more talk about English colonialism if they vote "no".

grizzly1911

MFW_ASAP wrote: »

I'm currently in Aberdeen working with an oil company. .

Go and wake Hamish up will you, it has been quiet recently.

The_White_Horse

Stamp Duty should be abolished completely for your main place of residence. It could be increased on BTL's etc.

Instead, there should be a tax based on the profit made on the property. that would kill most HPI instantly - especially if it was set at 50%.

if someone buys for £250k and the house in now worth £1m - they will pay 50% on £750k. If somone buys it for £1m and sells it next year for £1m they pay nothing. SIMPLE.

Loughton_Monkey

chewmylegoff wrote: »

You can sell your house for whatever sum you like. You don't have to sell for 'market value' and stamp duty is calculated on the price paid by the buyer not the market value..

Understand that.

But the debate (from memory) was about avoiding a super-inheritance tax or rolled up CGT on your house. HMRC would not allow you to sell at £1 in that scenario, just like they (or DWP)watch if you sell deliberately to make yourself 'poor' and qualify for long term care.

Of course multi nationals can still do what they like.

grizzly1911

Loughton_Monkey wrote: »

Understand that.

But the debate (from memory) was about avoiding a super-inheritance tax or rolled up CGT on your house. HMRC would not allow you to sell at £1 in that scenario, just like they (or DWP)watch if you sell deliberately to make yourself 'poor' and qualify for long term care.

Of course multi nationals can still do what they like.

Courts may take a dim view too, if done to evade creditors, presumably.