12 month Stamp Duty holiday on all main home UK resident transactions

gab3x

Found this petition - let's help it get off the ground!
https://petition.parliament.uk/petitions/315383

12 month Stamp Duty holiday on all main home UK resident transactionsFor all main home purchases by UK residents of up to £1m Stamp Duty will not apply for twelve months from the start of the current lock down.£1m+ main home purchases will pay same rates as today as will non-resident transactions.More detailsWe are facing a collapse of the housing market which will deepen the recession and collapse in house prices could put significant proportion of UK residents in negative equity.Royal Institute of Chartered Surveyors (RICS) suggest that a stamp duty holiday could be a powerful financial relief vehicle to stimulate the economy.Reference: https://www.rics.org/uk/news-insight/latest-news/press/press-releases/government-intervention-housing/

davidmcn

Westminster doesn't even have jurisdiction over "stamp duty" for the whole of the UK...

Besides, is stamp duty really the issue? Have a look at the threads here - people are concerned about what prices are doing, whether they've got a job, how being furloughed affects their mortgage offer - paying the stamp duty isn't the problem. And the government could really do with the tax income.

greatcrested

We've had 10+ years or 'austerity' because the country had huge national debt.

Well you ain't seen nothing yet. The cash the government's been throwing around this year will make the debt of the past look like peanuts. Cutting revenue will just make matters worse.

Crashy_Time

davidmcn said:

Westminster doesn't even have jurisdiction over "stamp duty" for the whole of the UK...

Besides, is stamp duty really the issue? Have a look at the threads here - people are concerned about what prices are doing, whether they've got a job, how being furloughed affects their mortgage offer - paying the stamp duty isn't the problem. And the government could really do with the tax income.

Yep, also expect empty BTL/Airbnb/Holiday Homes to get hammered for tax/council tax. Happy days.

D.L

Pretty laughable.

As a side note, does anyone want to sign a petition asking for stamp duty refunds for all purchases in September 2019? Promise - no conflicts of interest.

SpiderLegs

 Currently there is one proposer and nineteen other idiots who think this is a great idea.
says it all really.

diggingdude

Best thing would be to double it for anyone signing that 

hazyjo

Gawd, sounds like a nightmare. At present, the solicitor ensures it's paid (presuming they're not dodgy!) if you're buying with a mortgage.

Do you really think people can be trusted to pay it themselves a year after completing? I don't. What if they're struggling? Or have spent it? Or split up and have no equity? Or 1001 other reasons. Or are you trusting solicitors to hang onto it and pay it a year later? Can you imagine the confusion and cockups that'll cause.

blue_max_3

If there actually is a collapse of the housing market, buyers would pay less anyway. Nobody likes to pay taxes, but nobody is forced to buy a home.

Safe'n'Sound

As soon as I seen this thread I knew what was coming. I agree with most here, this will be small fry when the real pain starts. But what is pain for some is pleasure for others, it just depends what side of the garden fence you're on right now.

Socajam

D.L said:

Pretty laughable.

As a side note, does anyone want to sign a petition asking for stamp duty refunds for all purchases in September 2019? Promise - no conflicts of interest.

Are you for real?.  How much more welfare can the Government pay from the money tree that is completely without leaves now.
The greed that is being demanded by people is astounding.  Where do you and others of the same mindset think this money will be coming from - bottomless pit is bare.
Taxes will have to be increased for a long time, both government and local authorities will be making some serious cutting and stamp duty would be the least of your concern.