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

beecher2

Regardless of the independence results, Scotland's stamp duty is being replaced with a Land and Buildings Transaction Tax in April 15. It will be a progressive tax with nothing due for properties under £180,000.

michaels

House_of_Commons_Rep_(DOT) wrote: »

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

Thanks for coming on here and posting this info.

wotsthat

House_of_Commons_Rep_(DOT) wrote: »

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

I've read all of that. The buzzwords were there - mansion tax, zombie and there was a fight for the moral high ground. Any idea what the cost of the debate was to the taxpayer as there are better debates here for free.

Spidernick

strawberries1 wrote: »

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.

An interesting idea, but how would it be monitored? I once knew someone who told me he had had three 'first-time buyer' mortgages and I'm sure people would also find ways to get around this if implemented. Ditto the suggestion around an additional charge if the property is then rented within a certain time frame.

chewmylegoff

wotsthat wrote: »

I've read all of that. The buzzwords were there - mansion tax, zombie and there was a fight for the moral high ground. Any idea what the cost of the debate was to the taxpayer as there are better debates here for free.

Well for a start we have to pay the chair of the committee an extra £15k a year, plus associated benefits. I'm not quite sure why, to be honest, but I'm sure that represents excellent value. (And I'm sure the cost of paying someone to go on the internet and promote the benefits to us of some MPs talking in a room is well worth it too).

Generali

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?

It has a small amount of power as it gets some allotted debating time in the Commons. David Amess sits on the committee and he's a pretty influential chap: he's managed to get 2-3 laws through from the back benches which is pretty impressive in itself.

Thrugelmir

beecher2 wrote: »

Regardless of the independence results, Scotland's stamp duty is being replaced with a Land and Buildings Transaction Tax in April 15. It will be a progressive tax with nothing due for properties under £180,000.

The tax bands are mere proposals aren't they? these are the 2 examples being quoted.


Wow for residential property this is going to be a vote winner.

0% until £180,000
7.5% between £180,001 and £1.5 million
10% on remainder of the price over £1.5 million

or

0% until £125,000
2% between £125,001 and £250,000
9.5% on the remainder of the price over £250,000


Will have a profound impact on Scottish House Prices.

Interesting how the rates are going to be announced post referendum. Smacks of Brownie and his ability to bury the bad news into the following years budget. So the media miss it.

wymondham

I would think ultimately the government would want to encourage transactions as this incurs lots of costs in terms of using tradespeople/services etc so it's odd that stamp duty still exists to discourage this.


I would consider moving if it was not for stamp duty, as that is x% lost just for the privilege of moving when I don't have to = I don't move. If I moved it would be to downsize, so that would free up a larger home for a family and solves another issue!


Out of interest, do other countries have the equivalent of Stamp Duty and if so at what rate?

Thrugelmir

wymondham wrote: »

Out of interest, do other countries have the equivalent of Stamp Duty and if so at what rate?

In France stamp duty on property is a flat 5%. Also the notaire picks up a fee of 1% -2% of the selling price.

wymondham

Thrugelmir wrote: »

In France stamp duty on property is a flat 5%. Also the notaire picks up a fee of 1% -2% of the selling price.

ouch! mind you it's not helping their economy either!!