nod Posted August 17, 2019 Share Posted August 17, 2019 Something that will effect most on here Proposals for stamp duty to be paid by the seller I’m not trying to be thick But won’t this just be put on the selling price Described as a radical shake up Link to comment Share on other sites More sharing options...
scottishjohn Posted August 17, 2019 Share Posted August 17, 2019 could happen .but market will always control prices -so the seller who is making a big chunk on what he paid is better fixed to pay it really-. buyer could end putting it into the mortgage --so then he pays interest on it as well Link to comment Share on other sites More sharing options...
nod Posted August 17, 2019 Author Share Posted August 17, 2019 1 minute ago, scottishjohn said: could happen .but market will always control prices -so the seller who is making a big chunk on what he paid is better fixed to pay it really-. buyer could end putting it into the mortgage --so then he pays interest on it as well I think the chancellor could have phrased it better Perhaps Robbing Peter to pay Paul 1 Link to comment Share on other sites More sharing options...
SteamyTea Posted August 17, 2019 Share Posted August 17, 2019 Usually, if something is perceived to be a problem, it is best to get rid of it. What they should do with stamp duty. Or just rationalise it so that every sale is liable. It is really the 'half measures' i.e. where it applies to some properties and not others, some areas are except for a time, Like almost everything in our tax system, it is a pigs ear. 1 Link to comment Share on other sites More sharing options...
scottishjohn Posted August 17, 2019 Share Posted August 17, 2019 1 minute ago, nod said: I think the chancellor could have phrased it better Perhaps Robbing Peter to pay Paul looks like he is on the side of the poor people buying the house and not the baby boomers cashing in on years of house price increases Link to comment Share on other sites More sharing options...
recoveringbuilder Posted August 17, 2019 Share Posted August 17, 2019 29 minutes ago, nod said: Something that will effect most on here Proposals for stamp duty to be paid by the seller I’m not trying to be thick But won’t this just be put on the selling price Described as a radical shake up I would imagine most sellers would try to get more for their properties to cover this but at the end of the day you’ll only get what someone is willing to pay and with the home report dictating what the property is worth, in Scotland anyway, most buyers won’t pay above that amount and in fact a lot of buyers want it under the home report value, Link to comment Share on other sites More sharing options...
oldkettle Posted August 17, 2019 Share Posted August 17, 2019 5 minutes ago, scottishjohn said: could happen .but market will always control prices -so the seller who is making a big chunk on what he paid is better fixed to pay it really-. buyer could end putting it into the mortgage --so then he pays interest on it as well ... and if as @nod said the duty is simply added to the price than the buyer ends up paying the interest regardless. 1 Link to comment Share on other sites More sharing options...
recoveringbuilder Posted August 17, 2019 Share Posted August 17, 2019 3 minutes ago, scottishjohn said: looks like he is on the side of the poor people buying the house and not the baby boomers cashing in on years of house price increases Ah but there hasn’t been years of house price increases, when we sold our first house 13 years ago we got a lot more for it than we had ever thought we would, but that was in the good times, the house has since undergone a lot of upgrading and I know for a fact one buyer spent over £50k on it but it’s sold twice since we sold it and has only increased in value by about 5percent in all that time Link to comment Share on other sites More sharing options...
nod Posted August 17, 2019 Author Share Posted August 17, 2019 3 minutes ago, oldkettle said: ... and if as @nod said the duty is simply added to the price than the buyer ends up paying the interest regardless. Exactly He is treating all of us as fools He will still get his tax A buyer who has budgeted 300 for the house purchase and 15 for the SD Will in effect be buying a house that has jumped up to 315 All that has been achieved is the new chancellor has grabbed a headline Perhaps his time could be better spent looking into scrapping free tv licences for pensioners Link to comment Share on other sites More sharing options...
recoveringbuilder Posted August 17, 2019 Share Posted August 17, 2019 4 minutes ago, nod said: Exactly He is treating all of us as fools He will still get his tax A buyer who has budgeted 300 for the house purchase and 15 for the SD Will in effect be buying a house that has jumped up to 315 All that has been achieved is the new chancellor has grabbed a headline Perhaps his time could be better spent looking into scrapping free tv licences for pensioners But that won’t work in Scotland with the home report unless the surveyors are willing to add the stamp duty amount onto the valuation, lenders won’t lend more than the house has been valued at Link to comment Share on other sites More sharing options...
nod Posted August 17, 2019 Author Share Posted August 17, 2019 10 minutes ago, Christine Walker said: But that won’t work in Scotland with the home report unless the surveyors are willing to add the stamp duty amount onto the valuation, lenders won’t lend more than the house has been valued at Just watching Breakfast TV and they are discussing the headlines The analyst has just described the chancellors proposal as Peter to pay Paul ? He also went on to say Greggs gave reduced the sugar content by half in there custard slices They have made them half as big You couldn’t make these headlines up ??????? 2 Link to comment Share on other sites More sharing options...
recoveringbuilder Posted August 17, 2019 Share Posted August 17, 2019 3 minutes ago, nod said: Just watching Breakfast TV and they are discussing the headlines The analyst has just described the chancellors proposal as Peter to pay Paul ? He also went on to say Greggs gave reduced the sugar content by half in there custard slices They have made them half as big You couldn’t make these headlines up ??????? And I bet they’re still the same price! Link to comment Share on other sites More sharing options...
SteamyTea Posted August 17, 2019 Share Posted August 17, 2019 All this is why I think we should just tax on income. A house sale would be considered income. 1 Link to comment Share on other sites More sharing options...
SteamyTea Posted August 17, 2019 Share Posted August 17, 2019 (edited) @Christine Walker Sounds confusing, but really much simpler. One rate on every single penny you earn. Only thing to argue about then is the rate. Edited August 17, 2019 by SteamyTea Link to comment Share on other sites More sharing options...
nod Posted August 17, 2019 Author Share Posted August 17, 2019 13 minutes ago, Christine Walker said: And I bet they’re still the same price! Forgot to include that Exactly the same price So it will cost me twice as much to feed my addiction Link to comment Share on other sites More sharing options...
recoveringbuilder Posted August 17, 2019 Share Posted August 17, 2019 21 minutes ago, SteamyTea said: @Christine Walker Sounds confusing, but really much simpler. One rate on every single penny you earn. Only thing to argue about then is the rate. However you’ll already have paid tax on the money you bought the house with? Link to comment Share on other sites More sharing options...
scottishjohn Posted August 17, 2019 Share Posted August 17, 2019 1 hour ago, oldkettle said: ... and if as @nod said the duty is simply added to the price than the buyer ends up paying the interest regardless. the answer is to make yourself a registered charity -purpose for looking after the kids then its all tax deductable. LOL Link to comment Share on other sites More sharing options...
Jeremy Harris Posted August 17, 2019 Share Posted August 17, 2019 11 minutes ago, Christine Walker said: However you’ll already have paid tax on the money you bought the house with? Just like you've already paid tax on the income used to buy goods that have other taxes in the price, like VAT and duty. The taxation system is really complex, and changing to only taxing income could make things a lot simple. The major downside is that income tax would have to rise, and despite that being offset by the reduction in other taxation, an increase in income tax would be seen as punitive. 1 Link to comment Share on other sites More sharing options...
Ferdinand Posted August 17, 2019 Share Posted August 17, 2019 5 hours ago, scottishjohn said: the answer is to make yourself a registered charity -purpose for looking after the kids then its all tax deductable. LOL Holiday homes are currently a very sweet spot in the tax system. Expect them to be clobbered soon. Link to comment Share on other sites More sharing options...
recoveringbuilder Posted August 17, 2019 Share Posted August 17, 2019 1 hour ago, Ferdinand said: Holiday homes are currently a very sweet spot in the tax system. Expect them to be clobbered soon. Are they not included in the ‘second home ‘ tax? Link to comment Share on other sites More sharing options...
Ferdinand Posted August 17, 2019 Share Posted August 17, 2019 23 minutes ago, Christine Walker said: Are they not included in the ‘second home ‘ tax? Yes, but if let out for x days you can claim a lot of the stuff such as renovations, furniture, business expenses etc against tax. Normal lettings etc cannot. Link to comment Share on other sites More sharing options...
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