Stamp Duty - it's just a load of rubbish isn't it

TheBlueHorse

if they abolished this idiocy, house prices would soar.

I can understand it for rich landowners ie £10m plus properties or second home owners - but I can never understand why someone is taxed - and massively taxed - to buy a home to live in.

stator

Well the whole system of ownership of land is a bit of a scam, no-one really has a right to divide up the planet and tell people where they can and can't go. The only reason it works is because the government recognises your claim and we (most of us) recognise the government. So the government is charging a fee for recognising your "ownership" of a piece of land.
But all taxes are just glorified theft really. They only get away with it because we put up with it.

lonestar1

Simple fact is you can only really tax those with money as those without cant pay. Someone buying something expensive has money so can be taxed.

The more money you have the more you can pay.

For the Government its an easy tax to collect and as most of us dont buy places often doesnt tend to lose them elections

davetrousers

TheBlueHorse wrote: »

if they abolished this idiocy, house prices would soar.

OK is that what you want, house prices to soar, and why?

ChopperST

Stamp duty should be a tax on the sale not the purchase in my opinion.

martinsurrey

stator wrote: »

But all taxes are just glorified theft really. They only get away with it because we put up with it.

and because we all enjoy the benifits of those taxes, such as education, police protection, military protection from those in the world who want to take what we have, legal protection from persecution, street lights, health care, and a stable country so we all dont stockpile food incase the local tesco has nothing on the shelves for 6 weeks.

I for one love taxes, I'd much rather live in the UK paying taxes than in the DRC not paying taxes!

purch

stator wrote: »

They only get away with it because we put up with it.

Who the !!!! are "They" ??

westernpromise

I reckon if stamp duty were abolished house prices might actually fall.

The stamp duty on a house in the south east is now so high that it is often cheaper to extend the one you're in, if you need more space, than to pay the stamp duty on upsizing.

So lots of people do this and don't sell their houses, which reduces the supply of houses for sale.

Herzlos

It can't affect the number of houses for sale, people still live in one whether they upgrade or extend.

Extensions pushing prices up might have an impact though, as there will be fewer small houses available when they do move on.

antrobus

purch wrote: »

Who the !!!! are "They" ??

Aren't 'they' supposed to be shape changing reptilian aliens?

Or something like that.

westernpromise

Herzlos wrote: »

It can't affect the number of houses for sale, people still live in one whether they upgrade or extend.

Extensions pushing prices up might have an impact though, as there will be fewer small houses available when they do move on.

Certainly it affects the number of houses for sale.

It does not affect the total number of houses. But that is not the same as the number of those that are for sale.