MPs debate stamp duty and the housing market, 4 September 1.30pm

UKParliament

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Stamp duty and the housing market – Backbench Business Debate
Thursday 4 September, due to take place between 1.30-4.30pm in Committee Room 10


How to watch:

The debate can be viewed on Parliament TV (Silverlight or Windows Media Player required to stream TV): Parliament TV Player

Transcripts of proceedings in the House of Commons Chamber are available three hours after they happen in Todays Commons Debates


About Backbench Business Debates:

The House of Commons Backbench Business Committee has a limited allocation of time outside Government control in which it can schedule subjects for debate suggested by backbench Members of Parliament.

The Committee can consider any subject for debate. This includes subjects raised in national or local campaigns, reports by select committees and other groups and issues suggested by constituents, including by people who have signed an e-petition or a traditional paper petition (there is no restriction on the number of signatures required).

To find out more about the work of the Backbench Business Committee visit their web pages at Backbench Business Committee

Thanks
DOT

AndyGuil

I see there is news on scrapping the stamp duty on properties below £500k. It would be a good move and be very positive for votes and the economy. It is a real barrier to entry for buyers and those looking to move as the money is taken up front and straight out of the hard saved deposit.

onlyroz

At the very least the tiering should be implemented in a similar way to income tax. Therefore, you only get charged the higher stamp duty rate for the value of the house over £250k, rather than being charged it on the full amount.

strawberries1

Every first time buyer should be exempt from stamp duty. Only upon buying a another property should people begin to be taxed and in addition the rate should be different for London. Stamp duty in practice is a very London tax.

chewmylegoff

What purpose does the back bench business committee serve? What outcomes does it produce and what power or influence does it have to get anything done? Zero is it?

chucknorris

If I was reforming stamp duty I would:
- Revise the bands to £150k (1%), £300k (2%), £500k (3%), £1m (4%)
- Only charge the larger amounts on the extra over each band limit e.g. for a £750k house:


1% x £150k = £1.5k
2% x £200k = £4k
3% x £250k = £7.5k
£13k total stamp duty (£30k under current system, £750k x 4%)

chewmylegoff

I would institute (a) a residency provision - if you have lived in the country for five years no stamp duty on anything under say £500k and (b) a rental provision - I.e. If you rent the house out within 2 years of buying it you have to pay a horribly punitive amount of stamp duty, say 20%.

I would be the darling of HPC, they would all vote for me.

UKParliament

chewmylegoff wrote: »

What purpose does the back bench business committee serve? What outcomes does it produce and what power or influence does it have to get anything done? Zero is it?

Hi chewmylegoff

The Backbench Business Committee provides an opportunity for backbench MPs to propose debates for discussion in the House of Commons - these could be topical issues, debates relating to e-petitions or local issues.

During Backbench Business debates a member of the Government must respond so it is an opportunity for backbench MPS to raise awareness of a particular issue and maybe demonstrate support for change.

For instance - the Hillsborough Inquiry was announced following a Backbench Business debate on an e-petition regarding disclosure of the Hillsborough disaster.

The topic of making financial education a compulsory part of the school curriculum was also discussed in a Backbench Business debate.

Hope this helps?
Thanks
DOT

UKParliament

For those interested in the debate on stamp duty which took place yesterday we can now link to the Hansard transcript of the debate: House of Commons Hansard: 4 September 2014

The debate is also still available to view on Parliament TV: Parliament TV Player

Thanks
DOT

[Deleted User]

triple stamp duty and abolish minimum levels,will help to cool the market

AndyGuil

woodbine wrote: »

triple stamp duty and abolish minimum levels,will help to cool the market

It will reduce volumes not prices.