Stamp Duty Ending

Newnoel

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 

Mickey666

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 

Agreed.  After all, they've already taxed the money used to pay SDLT at least once!
Still, death and taxes eh??

mrlegend123

first time buyers x zero stamp duty
property moves x 1 stamp duty 
BTL **** x 2 stamp duty

Why should BTL benefit when other businesses are getting nothing? BTL should not get funding! 

mortgage_noob

Mickey666 said:

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 

Agreed.  After all, they've already taxed the money used to pay SDLT at least once!
Still, death and taxes eh??

More often than not, FTB do not pay stamp study, or pay very little.  The Stamp duty cut disproportionately benefits existing property owners and BTL

retepetsir

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!

ccfc1972

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!

How does a property levy work?

mrlegend123

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!! 

mrlegend123

down south should pay more than up north. I see the property tax (silent wealth tax) on the south. Good idea! 

retepetsir

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?

retepetsir

ccfc1972 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!

How does a property levy work?

From what I'd read in the article, it would be a % of the current property value (i.e. update all of the figures from the original Council Tax bandings in 1991). 

'Ministers are considering replacing council tax and stamp duty with a new national property levy which could hit Tory Shire heartlands hard, it was claimed today. 

The Government is said to be looking at what the impact would be of doing away with the two taxes. 

But the suggestion of replacing them with a property tax, likely based on the current value of a home, could spark a Conservative rebellion. '