Time to change Stamp Duty Levels?

[Deleted User]

With the budget coming up in March, hopefully the Chancellor (Bankers best mate) will change the Stamp Duty levels to allow FTB and others to actually buy a house and not pay this ridiculous tax or reduce the levels at the lower bands.
Here's hoping but I don't expect it at all especially from this lot in charge...

mystic_trev

Deleted_User wrote: »

Here's hoping but I don't expect it at all especially from this lot in charge...

I think you'll find it was the 'last lot' who really hiked it up!

16th March 1993
The threshold was increased as the average house price increased.

Up to £60,000 - 0%
Over £60,000 - 1%

8th July 1997
A new labour government saw an easy way to raise additional taxes so introduced new higher bands.

Up to £60,000 - 0%
Over £60,000 and under £250,000 - 1%
Over £250,000 and under £500,000 - 1.5%
Over £500,000 - 2%

24th March 1998
Less than a year later the rates were increased again.

Up to £60,000 - 0%
Over £60,000 and under £250,000 - 1%
Over £250,000 and under £500,000 - 2%
Over £500,000 - 3%

16th March 1999
In the follow years budget the rates were increased again.

Up to £60,000 - 0%
Over £60,000 and under £250,000 - 1%
Over £250,000 and under £500,000 - 2.5%
Over £500,000 - 3.5%
28th March 2000

And again at the budget in 2000 where they stayed for many years.

Up to £60,000 - 0%
Over £60,000 and under £250,000 - 1%
Over £250,000 and under £500,000 - 3%
Over £500,000 - 4%

[Deleted User]

mystic_trev wrote: »

I think you'll find it was the 'last lot' who really hiked it up!

Yes but this government should be bringing it back down or changing the bands, everyone knows the national average has jumped since 2000 so more people are paying more than they should be, and let's be honest why should we have to pay tax when we want to move home? It's the worst tax out there...

wymondham

They should scrap it in the following situations:


You are a first time buyer
You are downsizing

wotsthat

Why not scrap it all together?

A tax on moving house - what's that about?

[Deleted User]

wotsthat wrote: »

Why not scrap it all together?

A tax on moving house - what's that about?

It's a ridiculous tax. Can't agree more.

grizzly1911

wotsthat wrote: »

Why not scrap it all together?

A tax on moving house - what's that about?

And replace the lost revenue how?

purch

wotsthat wrote: »

A tax on moving house - what's that about?

Brings us back to the crux of many issues on this board.

Stamp Duty is a Tax on the sale/purchase of an Investment, historically on a written security document.

Personally I think that for those who consider their House an Investment, stamp duty should be charged, but for the more sensible among us who consider a House to be their home, then it should be waived.

Graham_Devon

Scrap it and increase capital gains on investment properties to make up some of the loss in revenue.

Fella

People might argue over whether it should be scrapped (I think it should, a tax on mobility is a ridiculous concept).

However I'm not sure anyone can argue that it's current implementation, where, for example, a £1 difference in house purchase price from £250,000 to £250,001 means an extra £5,000 in tax, is utterly ubsurd, completely unfair, & actively encourages tax evasion.

It's a huge failure of the coalition that they didn't address that ridiculous tiering system at the very least.

Generali

I'd get rid of it. It raises a gross £7,000,000,000 a year.

I'd simply spend £7,000,000,000 less each year.