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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    

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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  

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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.

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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

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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,

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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.

 

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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 

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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 

 

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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 

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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 ???????  

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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!

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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 

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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

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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.

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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.

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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.

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