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

buglawton

All change, it's happened. Chancellor was taking notes from my posts in this thread obviously.

https://forums.moneysavingexpert.com/discussion/5127934

Calculate your NEW stamp duty here:
http://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm

CLAPTON

buglawton wrote: »

Milliband wants to target easy visible things and gain a sort of Robin Hood popularity. Rather than propose something intelligent like actually maximising revenue along Laffer principles.

"One potential result of the Laffer curve is that increasing tax rates beyond a certain point will be counter-productive for raising further tax revenue."
http://en.m.wikipedia.org/wiki/Laffer_curve

Laffer's curve /principles merely states there is an optimal (I.ee. revenue raising maximum) rate of tax for any given situation : it doesn't provide any clues about what that rate is.

the_flying_pig

CLAPTON wrote: »

Laffer's curve /principles merely states there is an optimal (I.ee. revenue raising maximum) rate of tax for any given situation : it doesn't provide any clues about what that rate is.

the modern right wing version of Laffer's theory is that tax receipts would be maximised by reducing the tax rate to a couple of percentage points lower than it is at the moment.

buglawton

It was my post #30 I meant the chancellor was cribbing from
http://forums.moneysavingexpert.com/showpost.php?p=66568563&postcount=30

CLAPTON

the_flying_pig wrote: »

the modern right wing version of Laffer's theory is that tax receipts would be maximised by reducing the tax rate to a couple of percentage points lower than it is at the moment.

you have probably missed a trick here


you should write a paper called the 'flying pig principle' and become (sort of) famous.

michaels

buglawton wrote: »

Scottish stamp duty to be replaced in 2015 by a proper progressive property transaction tax.

Why does it take the representatives of 5 million people in Scotland to arrive at a sensible tax while Westminster dithers for ever and ever regarding the rest of the UK?

You call 10% on all transactions over 250k sensible?!

buglawton

Insofar as no tax is sensible you are right.
Chancellor has tried to keep the tax take from property similar to now.
It never was cheap and still isn't.
But he's removed the massive artificial cliff edges.
Which is what I've been lecturing on.

Oh and on all my recent and a future potential property transaction I'd be quids in under the new deal.

michaels

buglawton wrote: »

Insofar as no tax is sensible you are right.
Chancellor has tried to keep the tax take from property similar to now.
It never was cheap and still isn't.
But he's removed the massive artificial cliff edges.
Which is what I've been lecturing on.

Oh and on all my recent and a future potential property transaction I'd be quids in under the new deal.

I'm not disagreeing that the new stamp duty regime is much more sensible than the old one.

It is the Scottish plan of taxing any part of a property price over 250k at a punitive 10% which I would argue as not being sensible. Like it or not housing transactions do spur the wider economy and that sort of punitive rate for even moderately priced properties is not going to encourage transactions.

buglawton

Agree, the Scottish 10% plan will distort their market, I predict they'll change this when it raises no worthwhile revenue. It's the principle of tax free and lower rate bands I've been arguing for. That has now come to pass for England.

When the chancellor cloned the Scottish scheme he went for a more realistic progressive escalation. In the long term he needs to raise revenue without killing off the property market goose. He's got it about right.

UKParliament

Hello MSE’ers,

We noticed that some of you have been discussing Stamp Duty on this thread following the Chancellor’s Autumn Statement on Wednesday 3 December 2014.

We therefore thought some of you may also be interested in yesterday’s business in the House of Commons, which included the Ways and Means motion on Stamp Duty Land Tax (Residential Property Transactions) and the first reading of the Stamp Duty Land Tax Bill.

How to view

You can read the transcript of yesterday’s proceedings relating to Stamp Duty Land Tax at Commons Hansard: Stamp Duty Land Tax.

To watch the video, please visit Parliament TV Player (Silverlight or Windows Media Player required to stream Parliament TV).

Stamp Duty and Land Tax Bill

The second reading of the Stamp Duty Land Tax Bill is expected to take place on Wednesday 10 December 2014. We will try to post a new thread prior to this happening with information on how to watch and read the debate, as well as any relevant information on Parliament’s website.

Those interested in finding out more about the Bill can visit the Stamp Duty and Land Tax Bill page on Parliament’s website.

The House of Commons Library has also produced a briefing note and full report on Stamp duty land tax on residential property, which discusses the reforms to Stamp Duty Land Tax in relation to the (1.1) Autumn Statement 2014, (1.2) Initial reactions, and (1.3) The Stamp Duty Land Tax Bill. Please note the full report opens as a PDF (8 pages, 346.3KB).

Related information

What happens at a first reading?

The short title of the Bill is read out and is followed by an order for the Bill to be printed.

What happens at second reading?

Second reading is the first opportunity for MPs to debate the main principles of the Bill. It usually takes place no sooner than two weekends after first reading. The Government minister, spokesperson or MP responsible for the Bill opens the second reading debate. The official Opposition spokesperson responds with their views on the Bill. The debate continues with other Opposition parties and backbench MPs giving their opinions. At the end of the debate, the Commons decides whether the Bill should be given its second reading by voting, meaning it can proceed to the next stage. It is possible for a Bill to have a second reading with no debate - as long as MPs agree to its progress.

To find out more about how Laws are made please go to Passage of a Bill.

What is a Ways and Means Motion/Resolution?

A motion (when approved, a resolution) to authorise the raising of tax or imposition of a charge in relation to a bill. ‘Ways and Means’ is an old name for taxation.

We hope this is useful?

Many thanks,

DOT