Stamp Duty Ending

Mickey666

mrlegend123 said:

retepetsir said:

They are looking at the idea of a property levy now, based on current values, instead of Council Tax and Stamp Duty. That will definitely hurt me in the South East!

good, why should up north pay more than down south?

Areas like Middlesbrough and Hartlepool paying more council tax than the south - wrong!! 

Why should 'council tax' be based on property values anyway?  It's an inherently unfair system that is not based on the ability to pay.  A local income tax would be a far fairer system because it would be based on the ability to pay, not some notional proportion of house value.  It might also stop local councils playing politics with their spending plans and focus more on the actual needs of their residents.

SpiderLegs

Newnoel said:

The good news is that Parliament is now considering a six month extension:
Stamp duty holiday: Parliament forced to debate six-month extension (msn.com)

In reality, the government should abolish stamp duty completely as it is yet another tax on aspirational homeowners or those wanting to climb the property ladder 

Personally I don’t really like SDLT because it’s just another tax that has to be administered, another tax that people try and avoid, and another tax that complicates the market.

So I too would prefer to see it gone. However, it is a tax which is fairly progressive, so it’s not all bad in terms of how it is set up. Plus like many other taxes it can be used to penalise certain behaviours.

so if it goes we effectively have to raise income tax 1-2p instead, plus we have to find sone other way to hit those naughty BTLers from hoarding all the nice houses.

mrlegend123

retepetsir said:

mrlegend123 said:

retepetsir said:

They are looking at the idea of a property levy now, based on current values, instead of Council Tax and Stamp Duty. That will definitely hurt me in the South East!

good, why should up north pay more than down south?

Areas like Middlesbrough and Hartlepool paying more council tax than the south - wrong!! 

Do they? I'm not talking about London here. The prices were also lower up North at the time bands were set, so that is rubbish. The rates here in Sussex are lower.
I don't fully agree with replacing the Council Tax charge completely though. 
As an example - typical 3-bedroom house in Sussex, Band D, I would expect further north this to be a C or B?

Yes, say Portsmouth for example, Band D £ 1732 and Hartlepool Band D £2090.
Portsmouth Property Prices £240,000
Hartlepool Property Prices £105,000
I can't wait for the Government to introduce the property tax based on property prices (if they do).....the southerners will have to find the extra money from somewhere  

MaryNB

mrlegend123 said:

retepetsir said:

mrlegend123 said:

retepetsir said:

They are looking at the idea of a property levy now, based on current values, instead of Council Tax and Stamp Duty. That will definitely hurt me in the South East!

good, why should up north pay more than down south?

Areas like Middlesbrough and Hartlepool paying more council tax than the south - wrong!! 

Do they? I'm not talking about London here. The prices were also lower up North at the time bands were set, so that is rubbish. The rates here in Sussex are lower.
I don't fully agree with replacing the Council Tax charge completely though. 
As an example - typical 3-bedroom house in Sussex, Band D, I would expect further north this to be a C or B?

Yes, say Portsmouth for example, Band D £ 1732 and Hartlepool Band D £2090.
Portsmouth Property Prices £240,000
Hartlepool Property Prices £105,000
I can't wait for the Government to introduce the property tax based on property prices (if they do).....the southerners will have to find the extra money from somewhere  

Westminster Band D is £780. 
Which is less than I pay for Bristol Band A with a 25% single occupancy discount....

Mickey666

mrlegend123 said:

retepetsir said:

mrlegend123 said:

retepetsir said:

They are looking at the idea of a property levy now, based on current values, instead of Council Tax and Stamp Duty. That will definitely hurt me in the South East!

good, why should up north pay more than down south?

Areas like Middlesbrough and Hartlepool paying more council tax than the south - wrong!! 

Do they? I'm not talking about London here. The prices were also lower up North at the time bands were set, so that is rubbish. The rates here in Sussex are lower.
I don't fully agree with replacing the Council Tax charge completely though. 
As an example - typical 3-bedroom house in Sussex, Band D, I would expect further north this to be a C or B?

Yes, say Portsmouth for example, Band D £ 1732 and Hartlepool Band D £2090.
Portsmouth Property Prices £240,000
Hartlepool Property Prices £105,000
I can't wait for the Government to introduce the property tax based on property prices (if they do).....the southerners will have to find the extra money from somewhere  

All of which just goes to show why council tax is a ridiculous way to fund local services.

How much does it cost to run a library in Portsmouth compared to Hartlepool?  Or the police.  Or fix the roads.  Etc, etc.

I'd guess it's pretty much the same.  Yet a Portsmouth property tax would raise far more money than a Hartlepool property tax, which means either Hartlepool would require additional central government funding or Hartlepool simply loses out by having less funding.

Be careful what you wish for.

retepetsir

mrlegend123 said:

retepetsir said:

mrlegend123 said:

retepetsir said:

They are looking at the idea of a property levy now, based on current values, instead of Council Tax and Stamp Duty. That will definitely hurt me in the South East!

good, why should up north pay more than down south?

Areas like Middlesbrough and Hartlepool paying more council tax than the south - wrong!! 

Do they? I'm not talking about London here. The prices were also lower up North at the time bands were set, so that is rubbish. The rates here in Sussex are lower.
I don't fully agree with replacing the Council Tax charge completely though. 
As an example - typical 3-bedroom house in Sussex, Band D, I would expect further north this to be a C or B?

Yes, say Portsmouth for example, Band D £ 1732 and Hartlepool Band D £2090.
Portsmouth Property Prices £240,000
Hartlepool Property Prices £105,000
I can't wait for the Government to introduce the property tax based on property prices (if they do).....the southerners will have to find the extra money from somewhere  

But would the banding not then vary too?

It's also based on density, I would argue the density of people in the South is much higher. 

Seashell517

mrlegend123 said:

retepetsir said:

mrlegend123 said:

retepetsir said:

They are looking at the idea of a property levy now, based on current values, instead of Council Tax and Stamp Duty. That will definitely hurt me in the South East!

good, why should up north pay more than down south?

Areas like Middlesbrough and Hartlepool paying more council tax than the south - wrong!! 

Do they? I'm not talking about London here. The prices were also lower up North at the time bands were set, so that is rubbish. The rates here in Sussex are lower.
I don't fully agree with replacing the Council Tax charge completely though. 
As an example - typical 3-bedroom house in Sussex, Band D, I would expect further north this to be a C or B?

Yes, say Portsmouth for example, Band D £ 1732 and Hartlepool Band D £2090.
Portsmouth Property Prices £240,000
Hartlepool Property Prices £105,000
I can't wait for the Government to introduce the property tax based on property prices (if they do).....the southerners will have to find the extra money from somewhere  

So Portsmouth council would end up raising more money than Hartlepool, number of houses of the same relative value in the areas being the same? That won't help to 'level up' the north, or whatever inspirational phrased the government is using these days about supposedly redressing the balance.

Scotbot

A punitive SDLT reduces transactions and  makes it harder to move. Why not revert to lower rates, this would still raise revenue without strangling transactions. 

Mickey666

retepetsir said:

mrlegend123 said:

retepetsir said:

mrlegend123 said:

retepetsir said:

They are looking at the idea of a property levy now, based on current values, instead of Council Tax and Stamp Duty. That will definitely hurt me in the South East!

good, why should up north pay more than down south?

Areas like Middlesbrough and Hartlepool paying more council tax than the south - wrong!! 

Do they? I'm not talking about London here. The prices were also lower up North at the time bands were set, so that is rubbish. The rates here in Sussex are lower.
I don't fully agree with replacing the Council Tax charge completely though. 
As an example - typical 3-bedroom house in Sussex, Band D, I would expect further north this to be a C or B?

Yes, say Portsmouth for example, Band D £ 1732 and Hartlepool Band D £2090.
Portsmouth Property Prices £240,000
Hartlepool Property Prices £105,000
I can't wait for the Government to introduce the property tax based on property prices (if they do).....the southerners will have to find the extra money from somewhere  

But would the banding not then vary too?

It's also based on density, I would argue the density of people in the South is much higher. 

Quite possibly, but where would you set the north/south divide (no jokes please)?  And what about varying the banding between town and country.  And yes, population density, might need to adjust for that as well.  See how complicated and arbitrary it's all getting?

Besides, imagine two people, same job, same income.  One blows all his spare cash on the horses and booze and rents a bedsit, one scrapes by to buy himself a nice house.  All of a sudden, the person with the nice house (all paid for with taxed money of course) is hit with a property tax.  Is that fair?

Angela_D_3

Mickey666 said:

retepetsir said:

mrlegend123 said:

retepetsir said:

mrlegend123 said:

retepetsir said:

They are looking at the idea of a property levy now, based on current values, instead of Council Tax and Stamp Duty. That will definitely hurt me in the South East!

good, why should up north pay more than down south?

Areas like Middlesbrough and Hartlepool paying more council tax than the south - wrong!! 

Do they? I'm not talking about London here. The prices were also lower up North at the time bands were set, so that is rubbish. The rates here in Sussex are lower.
I don't fully agree with replacing the Council Tax charge completely though. 
As an example - typical 3-bedroom house in Sussex, Band D, I would expect further north this to be a C or B?

Yes, say Portsmouth for example, Band D £ 1732 and Hartlepool Band D £2090.
Portsmouth Property Prices £240,000
Hartlepool Property Prices £105,000
I can't wait for the Government to introduce the property tax based on property prices (if they do).....the southerners will have to find the extra money from somewhere  

But would the banding not then vary too?

It's also based on density, I would argue the density of people in the South is much higher. 

Quite possibly, but where would you set the north/south divide (no jokes please)?  And what about varying the banding between town and country.  And yes, population density, might need to adjust for that as well.  See how complicated and arbitrary it's all getting?

Besides, imagine two people, same job, same income.  One blows all his spare cash on the horses and booze and rents a bedsit, one scrapes by to buy himself a nice house.  All of a sudden, the person with the nice house (all paid for with taxed money of course) is hit with a property tax.  Is that fair?

Well yes it is fair because one has an asset and the other doesnt.  

The boozing one who sounds far more fun is probably paying more in VAT anyway