I thought I was a lone voice in calling for the abolition of stamp duty. My present home isn't a mansion - far from it - but I still had to pay the government over £9.000 for the privilege of buying it. This is a disgrace. The government does very well out of every house move, without stamp duty:-
Isn't that quite enough for the government? It ought to be.
No surprise that Stamp Duty on houses is a socialist tax. It is properly called "Stamp Duty Land Tax", and was introduced by the Blair government. The 3% threshold was set at £250,000 and there is has remained, even though house prices have shot up. £250,000 will barely buy you a garage in parts of London. It certainly won't buy you a three-bedroomed semi in Surrey or Hertfordshire.
But it's not only the inhabitants of leafy suburbs that are being stung by costs of over £7,500 if they want to buy even a modest family home. Apparently, more than 25% of all house purchases involve properties valued at over £300,000. Given that the average wage is less than £30,000 per annum and that other removal costs often amount to over £10,000 (of which the government will receive at least 25%), it is no surprise that stamp duty is acting as a drag on the housing market.
Fortunately, it's not left to little old me to run a one-man campaign to scrap it. The excellent TaxPayers' Alliance is riding to the defence of the beleaguered house buyer. They have launched a new campaign called Stamp Out Stamp Duty. The website is:- http://stampoutstampduty.org/
Speaking as someone contemplating a move to a more expensive area, I wish them every success in their campaign. Oh, and if Georgie Boy needs any help in finding some savings elsewhere so this tax can be scrapped, leaving the EU would do the trick. Our direct contributions (not including regulatory costs, etc) cost us more than the government receives in revenue from Stamp Duty, Inheritance Tax, Land Tax, Insurance Premium Tax, the Climate Change Levy and Environmental levies put together.
- Solicitors perform the conveyancing. They pay income tax (and I would guess at 40%) and in some cases, corporation tax
- Estate Agents sell most of our houses. They likewise pay income tax and often corporation tax. If my memory serves me correctly, I think their fees are subject to VAT as well.
- The surveyor will pay income tax
- The removal firm will pay income tax.
Isn't that quite enough for the government? It ought to be.
No surprise that Stamp Duty on houses is a socialist tax. It is properly called "Stamp Duty Land Tax", and was introduced by the Blair government. The 3% threshold was set at £250,000 and there is has remained, even though house prices have shot up. £250,000 will barely buy you a garage in parts of London. It certainly won't buy you a three-bedroomed semi in Surrey or Hertfordshire.
But it's not only the inhabitants of leafy suburbs that are being stung by costs of over £7,500 if they want to buy even a modest family home. Apparently, more than 25% of all house purchases involve properties valued at over £300,000. Given that the average wage is less than £30,000 per annum and that other removal costs often amount to over £10,000 (of which the government will receive at least 25%), it is no surprise that stamp duty is acting as a drag on the housing market.
Fortunately, it's not left to little old me to run a one-man campaign to scrap it. The excellent TaxPayers' Alliance is riding to the defence of the beleaguered house buyer. They have launched a new campaign called Stamp Out Stamp Duty. The website is:- http://stampoutstampduty.org/
Speaking as someone contemplating a move to a more expensive area, I wish them every success in their campaign. Oh, and if Georgie Boy needs any help in finding some savings elsewhere so this tax can be scrapped, leaving the EU would do the trick. Our direct contributions (not including regulatory costs, etc) cost us more than the government receives in revenue from Stamp Duty, Inheritance Tax, Land Tax, Insurance Premium Tax, the Climate Change Levy and Environmental levies put together.