Just out of interest, can the money for stamp duty be borrowed as part of the mortgage, or do you always have to pay it up front?
Next time I pass a mansion I'm gonna put a tenner through the letter box. Poor sods.
If I can get through the gate
Over the moat
By pass the pedigree guard dogs and avoid the gaze of the pool boy.
First they came for the million pound home owne.........
That's probably because governmental spending has increased massively at a time when the economy basically collapsed over the last few years.This Tory government is currently on track to be the biggest tax-increasing parliament since comparable records began.
Next time I pass a mansion I'm gonna put a tenner through the letter box. Poor sods.
If I can get through the gate
Over the moat
By pass the pedigree guard dogs and avoid the gaze of the pool boy.
First they came for the million pound home owne.........
That's probably because governmental spending has increased massively at a time when the economy basically collapsed over the last few years.
It's difficult to understate just how expensive and destructive COVID was. Whether it should be policy to claw that back or not is for the government of the day, either way the circumstances of the last 23 years are not good.
I can't see how Labour in power today would be able to act any differently. Blair inherited a government in the 90's at 30% GDP-debt, it's now 103%. We currently spend a figure that is around 1/3 of the NHS budget on debt interest and it's increasing.
I agree but some of that comes from panic which is understandable. As we're seeing with the COVID inquiry they quite frankly weren't that clever and a lot of the response was total incompetence.I'd almost fall for that were it not the billions wasted in VIP lanes and fraud Sunak won't recover......Test, Track and Trace anyone?
I agree but some of that comes from panic which is understandable. As we're seeing with the COVID inquiry they quite frankly weren't that clever and a lot of the response was total incompetence.
Either way what was the alternative and why wasn't it proposed at the time? I can only recall the opposition waving everything through so in effect there was no opposition.
This includes granting the government greater powers with respect to handling COVID, something that often removed the need to even consult parliament.
Until the crash in 2008 Labour had reduced the debt ratio. Classic allthesamery.That's probably because governmental spending has increased massively at a time when the economy basically collapsed over the last few years.
It's difficult to state just how expensive and destructive COVID was. Whether it should be policy to claw that back or not is for the government of the day. Either way the circumstances of the last 23 years are not good and aren't going to improve anytime soon.
I can't see how Labour in power today would be able to act any differently. Blair inherited a government in the 90's at 30% GDP-debt, it's now 103%. We currently spend a figure that is around 1/3 of the NHS budget just on debt interest alone and it's increasing every single day.
“Did you realise that the stamp duty rate on property value above £925k is 10%??? And 12% on properties over £1.5m. 10% or 12% of their ALREADY TAXED income?”What a nasty, pernicious and stupidly counter-productive tax that is.
It's been 21 years since I moved house and I am not planning on moving any time soon, so I have no horse in this race. But recently I had cause to take a look at it. The rates people with larger properties are being charged should they wish to move, are just obscene.
Did you realise that the stamp duty rate on property value above £925k is 10%??? And 12% on properties over £1.5m. 10% or 12% of their ALREADY TAXED income?
I don't own a house worth anything like these amounts and could not move into one either, so I could say it's no skin off my nose. But these are STUPID amounts of money IMO. Someone wanting to buy an e.g. £1.25m house has to cough up £66,250 in stamp duty alone??? This is bonkers. A high earner perhaps had to earn nearly double that, pre-tax, so maybe £120,000 of your gross earnings, taken off you, just to move house? Insane.
You might argue that people buying that sort of property have money to burn, but that is far from the case. Putting aside the fact that hardly anyone has "spare" money to burn, many people are simply moving from one house to a slightly different one. Maybe a bit bigger, maybe a bit smaller, perhaps in a different area. Yet they are effectively FINED for doing so.
What a stupid policy that is. I've not moved house many times, but every time I have, it's meant endless trips to B&Q buying god knows what; new carpets; curtains; plants and gardening gear; paint; maybe some furniture. Perhaps you get the kitchen or bathroom re-done and god knows what else. Tens of thousands spent, generating income for local suppliers, who also pay their taxes. In short, moving house is a GOOD THING for the economy. And of course a flexible and MOBILE labour market is good for the economy generally. But instead we fine people for the temerity of actually wanting to move house?
I wonder how many elderly people are sitting on larger properties and would be quite happy to downsize, but don't have a spare £30k (or whatever) in cash that they want to bung the taxman? How many people are put off taking a better job and moving house because of the offensive stamp duty charges?
If I was in charge and making changes, stamp duty would be perhaps the very first tax I'd be taking a look at. I think it's a dreadful tax.
EDIT: It's also a tax I find it hard to think of any moral justification for. If someone owns a house worth (say) £650,000 and they want to move to another house also worth £650,000, why on earth should the taxman be receiving any more at all from such a transaction? What possible justification for such robbery is there?