I think that is what they are complaining about, the Tories have said they are going to fiddle with stamp duty in October, without saying what they are going to do, hence anybody thinking of buying a property is going to wait and see in the hope of paying less stamp duty. So the market stalls.
Tax, tax, tax what isn't taxed these days! and the country is still nearly £3 trillion plus in debt due to successive governments wasting hard earned tax payers money, whilst they fatten themselves up at the trough of public money.
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When Labour left power in 2010 the national debt stood at £600 billion after the bank bailouts. The national debt is now 2.5 trillion! No two sides to this argument. It was 1.9 trillion before covid.
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In 2020 Sunak played with the Stamp Duty to stimulate the Housing market it encouraged people to get Mortgages that they couldn’t really afford and when Interest Rates went up they lost their Houses it was a disaster last time why is he trying it again ?
If you are a first time buyer and can afford to buy a £300,000 house then you are doing ok and you should be taxed, you need no help. This is good. Tax breaks for first time buyers should be axed totally
Other than looking at getting people to pay capital gains tax on their primary residence, why don't we look at getting the wealthiest in the land to pay an appropriate amount of tax? We could start by maybe getting the King to pay inheritance tax and the appropriate capital gains on everything he owns
CGT when selling your primary residence is a barmy idea in reality. Homeowners would be entitled to deduct a whole load of expenses they have incurred whilst owning the property specifically improvements but also repairs, redecorating, leasehold payments, house insurance premiums, legal fees, conveyancing costs etc. This will necessarily mean keeping detailed records of such expenses for the whole time the property is owned which might stretch back decades. Any profit would reasonably need to be index linked to some extent so the gross margin on sale would be diminished considerably. The expenses would also ned to be index linked based on the year in which they were incurred. So you would be hard pressed to make such a tax retrospective as you would need to enable people to understand the record keeping requirements going forward. There is a CGT threshold to cover also so the amount that would be received by the Exchequer would be vanishingly small in the first few years and less than you might envisage in the long run. Far more trouble than it is worth.
It would be very much easier, and a relief for taxpayers, if parliament simply called in or sold the French loan. Not a penny paid on sovereign debt since 1931 and a trillion owing.
So stamp duty is a tax own a car road tax or motorbike , a home then council tax also. But vat on petrol diesel. The smoking ban where is the money going to come from with the lose of the tax on ciggies.
It's only the forewarning of lowering the Stamp Duty that causes a problem. If it was decided upon and implemented immediately it would not cause a delay on house sales and purchases. Simples!
So basically - he's against raising the threshold for stamp duty because it will increase house prices and since he buys property then it will cost him more. Oh dear - what a shame.
Are they expecting us to waste sympathy on estate agents? It’s similar to 2009 when they wanted sympathy when the market crashed but we had to look at their slimy, smirking grins when they were making millions in the 15 years prior.
This is pointless, if stamp duty is in force then house sellers drop their price by a few grand, if not they raise their price by a few grand, zero benefit to anyone
They keep tinkering with stamp duty which artificially increases demand and then people grumble about rising prices. Ludicrous. People need long term certainty without gimmicks.
The Tories are wishing for a return to the good old pre covid days of 2020 when base rate was zero, inflation was really low and house prices were soaring (due to stamp duty cut).
Unless the FTB is hoping to buy a property more than £425k, it’s likely they’ll be more eager to buy ASAP before this change comes in place and the price of the same/similar properties increases (because there’s no stamp duty to pay - we saw something similar with the stamp duty holiday the tories gave themselves to buy up our assets during an international crisis, with minimal cost).
Wait the Tories are suggesting a policy that benefits existing home owners over everyone else? Someone should alert the presses, I think I've figured out their scheme!
