Reeves plan to tax houses over 500k PART TWO

@PaddlingSwanill try again will spell check on.

I would vote for except for one tiny error… please when you are PM could you put art and creative subjects high up in your lovely schools.

The arts are an overlooked industry that generates huge revenues for our country and talented designers and creatives are leaving the UK.

I don’t know why people have problem with pensions? People worked throughout the years and then after retirement started getting payments. They paid taxes, contributed to economy. We cannot expect old people to work till age 100 or live in streets. They worked all their lives, how can mumsnet have such contempt for old people?

From what I heard on radio 2 today this would be nationalising housing stock and would wipe out freehold, we would all effectively be government leaseholders.

if you can’t pay your tax a charge would be put on your house so when you do move sell or die the government will take their taxes.

I think much like private school changes this will have the opposite effect and people would sit tight, the market will crash and nobody will be buying upwards, no large homes £1m plus homes will sell, and no foreign buyers would buy so they will sell up and flood the market with expensive London flats and homes for sale which with create a surplus and drive down prices.

I just got my question answered within the document. I’m reading the whole thing just thinking F U C K. I can’t imagine how this will go down. Particularly if they take the less popular route of implementing this tax immediately and particularly if they target holiday homes and short term rental properties immediately with double the tax owed. It will be like throwing a hand grenade in.

@PaddlingSwani would vote for you said form one tiny error… pleas when you are PM can you put art and creative subjects high up in your lovely schools, the arts are a huge overlooked industry that generates huge revenues for our country with your designers and creatives leaving in droves.

This. 💯

it seems, that’s how many on here want it to go!!

Who are you to say what other people need? PIP is the one benefit with an almost zero fraud rate, unlike most of the others. It is also the one that requires you to jump through hoops to prove you qualify while snotty outsiders make the sort of comments you make.

What is the obsession with ADHD on a thread about tax on house prices?

There you go:

https://commonslibrary.parliament.uk/research-briefings/cbp-10139/#:~:text=In%20August%202024%2C%201.36%20million,and%20180%2C000%20were%20pensioner%20couples.

What about pension credit? How many pensioners are getting this? And yes it is a benefit.

@soupyspoon this is the link to where all this has stemmed from https://www.ukonward.com/wp-content/uploads/2024/08/Onward-A-Fairer-Property-Tax.pdf

improvements to houses won’t be taken into account. Only the price at which the house sold for will be used to base the annual property tax off. So in theory, it’s best to buy a very run down house for as low as possible, then improve it yourself. But you’ll be paying the annual tax for a lifetime, even on your deathbed (if over £500k)

This is yet another tax on families and the young. They will pay FAR more over their lifetimes with this tax. Their houses will never feel like their own even when mortgage free

I thought a previous poster linked to a proposal where people needed to pay an annual tax if their house was over 500k.

I am guessing some government agency will decide but no one will accept the valuation if it comes with a tax attached. Surely everyone will appeal the price slapped on the house? I just can’t see it working without total uproar.

@Julen7 @EvangelicalAboutButteredToast they wouldn’t need to be valued. The property tax only applies once the house is sold so the asking price will count as the price they use for basing the tax calculation on. All existing houses won’t be affected by the property tax over £500k

I have no idea and won’t it all take forever?

Also houses will fluctuate in price depending on market conditions/local area changing/interior or exterior being in need of repair. Are these houses going to have yearly valuations, particularly houses like the one I live in which when last valued was around 500k. Has it gone up or has it gone down? Who decides? Maybe it will be valued on the price we bought it for 12 years ago.

Out of interest who will be valuing the houses to decide their worth?

Yup, we need more state run specialist schools as ADHD and ASD grows. Having SEN children in mainstream schooling is damaging the education of both the SEN kids and the non-SEN kids.

What people with ADHD don’t need are PIP and carers.

So you said before. I don't agree with you. Copying and pasting your statement again makes no difference.

@Fretfulmum asset seizing by stealth. We will all be equal but some will still be forced to work harder than others. Tories are the same. I hate them way more than Labour. They had 14 years to sort things out and did nothing. The fact is the rich are fine and people on benefits are fine. Middle earners are a nuisance and should be put in their place. No political party has the will to sort the country out realistically. They get booted out after 4 years and the whole useless cycle starts again. I'm older now and tired. I have no desire to play these games anymore. I just feel extremely sad for the young who will never have anything unless they're born in to wealth.

Not at all. PIP is a wonderful thing for those that need it. Unfortunately a Lot of people who do not need it, get it. And that costs the uk tax payer millions if not billions.

It is not ‘ableist’ to call out scammers.
You can try that one in attempt to shut down debate, but it doesn’t wash any more than calling a sex realist a bigot.

We will have debate and people will challenge things without prejudice

I’ve just been doing the maths on this proposal. We are planning to move in 2026 (can’t before then, for reasons). If we have to pay the 0.54% above £500k as an annual property tax, it would take us 10.5 years to break even to the same amount of what we would have paid if we paid the stamp duty tax upfront as current. BUT we would have to pay this property tax every year for as long as we live in the house, so we would be MASSIVELY overpaying overall compared to current.

So this is like having a leasehold house with the government as the freeholder. The house would never really be ours as we would have to pay this tax for the rest of our lives living there hoping we can still afford it when we’re 80? We are f**ked.

No more income tax rises. Sick of people expecting middle earners to pay more and can barely survive the cost of living. Plus ridiculous disincentives for people higher up the income scale. Tax bands frozen for years while cost of living soars. Benefits need to be reduced. Reeves tried this and her back benches wouldn't allow it. I know it's unpopular and unthinkable to say on here but I do know families with higher monthly pay than us due to benefits. Bloody insane when you work 40+ hours a week.