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

hazyjo

Socajam said:

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.

Thought it was quite obviously a joke as they must've moved house that month/year. Could be wrong of course

ProDave

I think this would be a BAD idea.

What it would likely do is create a short term rush to buy houses or move to "beat the tax" that might have the short term effect of raising prices due to extra demand, followed by an almost total halt to the housing market when the stamp duty holiday ends triggering the next house market recession and price crash.

Don't believe that?  Look up what happened in the mid 1980's then they announced double MIRAS would end in a  year.  House price boom followed immediately when the double MIRAS ended by a house price crash and no buyers.

davidmcn

hazyjo said:

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.

I presume what's being proposed is "holiday" as in an exemption, not merely postponing the payment date.

SpiderLegs

Socajam said:

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.

🤣🤣🤣

hazyjo

davidmcn said:

hazyjo said:

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.

I presume what's being proposed is "holiday" as in an exemption, not merely postponing the payment date.

Ah. That makes more sense Ta.

eidand

as much as I would love to not have to pay it, realistically, I don't see how it will benefit anyone, apart from buyers, in the grand scheme of things. Lack of taxes atm would not do us any good.

Crashy_Time

blue_max_3 said:

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.

"Paying less" isn`t something that people starting/signing this petition are probably able to compute, making the whole thing even more laughable and pointless. As I said government/councils are going to be ravenous for taxes now, property, especially multiple property is a very easy and juicy political target ( BJ needs all the poll boosts he can get, and stealing Labour ground on race inequality and housing inequality will be paramount IMO) expect many more petitions about property in future!

Crashy_Time

ProDave said:

I think this would be a BAD idea.

What it would likely do is create a short term rush to buy houses or move to "beat the tax" that might have the short term effect of raising prices due to extra demand, followed by an almost total halt to the housing market when the stamp duty holiday ends triggering the next house market recession and price crash.

Don't believe that?  Look up what happened in the mid 1980's then they announced double MIRAS would end in a  year.  House price boom followed immediately when the double MIRAS ended by a house price crash and no buyers.

Totally different world now, the banks are tightening lending as the economic data darkens, even if they wanted to rush in and buy most people couldn`t raise the deposit.

blue_max_3

I could see it being better for the seller actually. If the overall cost was cheaper, the price of the property could rise.

eidand

blue_max_3 said:

I could see it being better for the seller actually. If the overall cost was cheaper, the price of the property could rise.

and how would that solve anything? Assume this would happen, I would not pay extra for a house, just because there is no stamp duty tax. That's no excuse to raise the price of a property. I'd pocket the money and offer exactly the same as before.