Is the 3% additional stamp duty having the same effect as abolishing double MIRAS?

mystic_trev

My buyer wants to complete by the end of next month, as they're hanging on to their existing Property and wants to avoid the additional Stamp duty. House prices here in the SE seem to be going up by ridiculous amounts and defying any logic.

I remember when double MIRAS was phased out, and wonder if the additional Stamp duty,starting in April, is having a similar effect?

it is generally accepted that the rush to beat the deadline fuelled a sharp increase in house prices.

https://en.wikipedia.org/wiki/Mortgage_interest_relief_at_source

slopemaster

Yes, I've been wondering about that too.
Remains to be seen whether everything calms down come April

michaels

Does anyone remember the silliness when it was suggested that it would be possible to put property into a pension wrapper which in the end was stopped before it even started?

Thrugelmir

Statements are often made before the finer detail is decided upon. With the advent of the internet. Easy for anybody to read forums and see what loop holes are being discussed.

If you've a good idea I always think it's best to stay stum. :silenced:

chucknorris

michaels wrote: »

Does anyone remember the silliness when it was suggested that it would be possible to put property into a pension wrapper which in the end was stopped before it even started?

You have just reminded me of yet another tax advantage of the Isle of Man (where your pension can be invested in residential property). I will probably have had enough of being a landlord by then (if we end up there) though, there is no CGT there, so part of the profits are tax free anyway.

purch

mystic_trev wrote: »

I remember when double MIRAS was phased out,

Are you sure you remember Trev ?

If you're old enough to remember, you probably also forget lot's of stuff :eek:

mystic_trev

purch wrote: »

Are you sure you remember Trev ?

If you're old enough to remember, you probably also forget lot's of stuff :eek:

I've had more 'senior moments' than you could shake a stick at!

chucknorris

mystic_trev wrote: »

I've had more 'senior moments' than you could shake a stick at!

Me too, but I think that you are correct, I even thought about selling one of my properties on the back of it, but lethargy won in the end, and I did nothing.

Thrugelmir

chucknorris wrote: »

there is no CGT there, so part of the profits are tax free anyway.

Maybe worth looking closer at the IOM's financial affairs. Majority of the Western world is under fiscal pressure at the current time. As the population ages.

chucknorris

Thrugelmir wrote: »

Maybe worth looking closer at the IOM's financial affairs. Majority of the Western world is under fiscal pressure at the current time. As the population ages.

The IOM is the 8th richest (per capita) nation in the world.

http://www.thisismoney.co.uk/money/news/article-2651679/Isle-Man-ranked-worlds-8th-richest-nation-World-Bank.html

wotsthat

chucknorris wrote: »

The IOM is the 8th richest (per capita) nation in the world.

http://www.thisismoney.co.uk/money/news/article-2651679/Isle-Man-ranked-worlds-8th-richest-nation-World-Bank.html

Moving to the IOM seems to be on a par with taking a punt on Syria now that peace talks are starting. Just face it; wherever you move to the Internet will decide you're taking a worrying risk.

Of course, I have an opinion too. Forget the tax breaks - the weather in IOM is crap. Get yourself down to Cornwall; better weather, blue sea and the best dog walking you could ever hope to find.