Stamp Duty Ending

Crashy_Time

Getting_greyer said:

Crashy_Time said:

Getting_greyer said:

Unless they was a tax band that meant for each additional £1 sold you pay £1.01+ in tax, I can't see how a sellers sdlt wouldn't just increase prices. Interesting though, I shall do some math on this. 

Prices are not really set by how much a buyer has to pay out in tax though are they? They can Kite Fly and try it on but it is the prevailing lending culture and general economy that really dictate prices.

Hmm, no they're not. But there's definitely some algebra to look at here.

Not sure if there is much algebra TBH, the seller would just pay the stamp duty due on the sale instead of the buyer?

They seem to be signalling that those who have gained from the property bubble are now going to have to start giving back?

https://www.msn.com/en-gb/money/other/ministers-consider-replacing-council-tax-with-property-levy/ar-BB1cPGRE

SpiderLegs

Crashy_Time said:

Getting_greyer said:

Unless they was a tax band that meant for each additional £1 sold you pay £1.01+ in tax, I can't see how a sellers sdlt wouldn't just increase prices. Interesting though, I shall do some math on this. 

Prices are not really set by how much a buyer has to pay out in tax though are they? They can Kite Fly and try it on but it is the prevailing lending culture and general economy that really dictate prices.

Erm... 
So now you’re telling us that the stamp duty holiday had no effect on house prices and the last six months has all been about the ‘prevailing lending culture and general economy’.

oh and presumably when it comes back in in March that will have no effect either?

I’m beginning to think that the crashy_time account is run by about six different people who all think different things and never speak to each other. You guys should really get together and have a meeting sometime.

Thrugelmir

grumiofoundation said:

Thrugelmir said:

grumiofoundation said:

Crashy_Time said:

Thrugelmir said:

The Treasury needs the tax revenue. Giving a break to those who don't actually need it achieves nothing. 

The people trying to scrape their way onto the housing "ladder" do actually need it though, that is why there has been a mad spike in housing activity as people get suckered into thinking saving a few grand is worth overpaying tens of thousands for basic accommodation, it makes sense at the monthly payments level if they can just get in the door, alas that is how a lot of people have been brainwashed to think!

Why has the average house price in wales gone up by basically the same (think actually slightly more) as England then, despite a far less generous LTT (equivalent of stamp duty) holiday? 

No tolls on Severn bridge. Opened up the area to commuting. 

From Pembrokeshire? Or Anglesey? 

People are free to commute from where ever they live. Living away from home during the working week isn't uncommon. 

annetheman

Maybe it'll end as planned on the 31st March then they'll do a classic school reopening style 2021 U turn and change their minds the next day.

Personally, I'm working on the assumption it'll end and completing a full market SDLT election 1 month prior though empathise with those who will inevitably be caught out. Someone said on page 1 or 2 (forgot to quote) that it would have to end at some point and there will be people who lose out at some point; at least there has been plenty of warning.

Mickey666

Crashy_Time said:

Getting_greyer said:

Crashy_Time said:

Getting_greyer said:

Unless they was a tax band that meant for each additional £1 sold you pay £1.01+ in tax, I can't see how a sellers sdlt wouldn't just increase prices. Interesting though, I shall do some math on this. 

Prices are not really set by how much a buyer has to pay out in tax though are they? They can Kite Fly and try it on but it is the prevailing lending culture and general economy that really dictate prices.

Hmm, no they're not. But there's definitely some algebra to look at here.

Not sure if there is much algebra TBH, the seller would just pay the stamp duty due on the sale instead of the buyer?

They seem to be signalling that those who have gained from the property bubble are now going to have to start giving back?

https://www.msn.com/en-gb/money/other/ministers-consider-replacing-council-tax-with-property-levy/ar-BB1cPGRE

But who HAS gained from your so-called 'property bubble'?  I don't gain if my house increases in value and I don't lose if it decreases in value.

I appreciate the chancellor might need to recover all his borrowing but I don't have any extra spare cash lying around just because my house might have increased in value.  In other words, this wouldn't be a change based on any ability to pay and is more akin to politics-of-envy.

Increasing IHT would be a fairer way to tax those benefiting from any house price increases, because it's rarely the home owners who benefit.  I couldn't care less if the market value of my house dropped like a stone, it's still my home.

jimmyjammy001

What I find disconcerting is that something like 50% of people have said  they will have to abort their house sale if it goes pass the March deadline, people have spent what they have saved in stamp duty on a house and have absolutely no emergency savings in place to deal with emergency expenses like just in case they don't complete by the deadline, crazy!

But if the seller puts it back on the market again it's unlikely they will get what they wanted pre stamp duty holiday as people will now have less to spend on the house they want and will need to factor in paying the stamp duty. So it could work out buyers haggling with sellers to get the stamp duty equivalent knocked off the price or they pull out. 

lf93

jimmyjammy001 said:

What I find disconcerting is that something like 50% of people have said  they will have to abort their house sale if it goes pass the March deadline, people have spent what they have saved in stamp duty on a house and have absolutely no emergency savings in place to deal with emergency expenses like just in case they don't complete by the deadline, crazy!

I think the majority don’t want to spend their emergency savings on a tax. I’d rather keep mine for an emergency. Like if the boiler breaks. 

Crashy_Time

SpiderLegs said:

Crashy_Time said:

Getting_greyer said:

Unless they was a tax band that meant for each additional £1 sold you pay £1.01+ in tax, I can't see how a sellers sdlt wouldn't just increase prices. Interesting though, I shall do some math on this. 

Prices are not really set by how much a buyer has to pay out in tax though are they? They can Kite Fly and try it on but it is the prevailing lending culture and general economy that really dictate prices.

Erm... 
So now you’re telling us that the stamp duty holiday had no effect on house prices and the last six months has all been about the ‘prevailing lending culture and general economy’.

oh and presumably when it comes back in in March that will have no effect either?

I’m beginning to think that the crashy_time account is run by about six different people who all think different things and never speak to each other. You guys should really get together and have a meeting sometime.

Obviously I meant to type "seller"

Angela_D_3

50% of people surveyed are full of !!!!!!. 

Ive paid a solicitor and surveys,  about £1500 am
i going to pull out over £2300 in stamp duty.  No.  Its just £2300 that want get spent with local builders,  electricians etc ... hence itll be extended if those guys start struggling the whole economy is fcuked

Crashy_Time

Angela_D_3 said:

50% of people surveyed are full of !!!!!!. 

Ive paid a solicitor and surveys,  about £1500 am
i going to pull out over £2300 in stamp duty.  No.  Its just £2300 that want get spent with local builders,  electricians etc ... hence itll be extended if those guys start struggling the whole economy is fcuked

The full timers will be on furlough, that is why the government need to start taking in more taxes, they need to get sellers to pay SD IMO.