Liz Truss stamp duty announcement

[Puncturedbicycle85]

I have seen that LT intends to cut stamp duty and will announce it this week. Does anyone know how quickly this will be brought in? I can’t remember how fast it was brought in when it was cut during the pandemic.

If your Stamp Duty is £20,000 then the purchase price would be £600,000. Very interested to see who would accept a £20,000 deposit in that transaction.

Dear Prime Minister, thank you for introducing Reaganomics for the first time this century.
The Council house that was sold for £20,000 will now be worth £260.000 against the £250,000 last month.
You will reduce by ££billions the amount of money available to rescue the NHS. For information: the NHS is where all the poor people and most of the rest of the population go to get medical help.
Stamp Duty is probably the cheapest tax to collect. Why give yourself a difficulty?
The people living in that ex Local Authority home still can't afford to heat it.

Only just over 2 years before Sir Keir saves us from you.

I think it is also a barrier for downsizers, rattling around in homes that too big for their needs and are expensive to heat.

Only just over 2 years before Sir Keir saves us from you.

With his brave and revolutionary ideas that he is keeping to himself?

No, thats not what I am saying. A £20,000 stamp duty charge is a extremely large amount. I am making the point that it is a huge amount. A £600,000 property is just a 3 bed semi in the south east - nothing special. £20,000 on top of other moving costs are prohibitive.

Exactly

Why can't they just exempt stamp duty for your main residence? Or put in a lifetime cap on the amount of stamp duty you will pay?

Great idea, stamp duty stops people moving.

It's such a bad idea, short term populism with real long term consequences. Unfortunately I'm not sure there is anybody currently in the Cabinet with any real skills or an ability to actually think beyond staying in power so this is going to be apply to a lot of policy announcements coming up.

Tax cuts coming tomorrow. Like she's betting the house on black. The whole thing is a mess. I hope to God it works because the alternative is beyond grim.

Because high house prices are the only thing keeping the tories in power.

She is a true conservative, lower taxes to reward hard working people and companies to invest and become more productive. The result is everyone benefits.

It stops older people moving. If I moved from my family house to a penthouse flat of the same value I would be paying vast sums in stamp duty. Loads and loads of older people in more expensive areas do not move because of stamp duty. It also stops people making intermediate moves too. We bought in 1984 (terraced), 1987 semi as then had 2 children, 1990 - 4 bed detached as had e children and 1997 where I live now (and when the stamp duty was horrendous even then but even worse now) and had the last 2 children. These days moving as quickly as we did in the 1980s as my wages rose would not be wise as stamp duty alone here in the SE would be a year's rent.

Stamp duty means fewer houses for younger people as old people do not move. It also makes it very hard for younger middle class families who have to be in the SE for work and already have vastly higher charges for full time childcare to move whereas had I stayed in NE England it would be much much less.

Exactly, over £1.5m the stamp duty rate is 12%, everyone is stuck where they are.

I'm not sure it's very conservative to halve the electricity bills of businesses and have the tax payer pick up the bill? I think it's necessary but it's a long way out of the Conservative playbook, surely?

Older people not loving is a fair point

They are protecting thousands of small companies and their employees by limiting business energy costs, it's simple economics.

Simple but not conservative.

He wouldn't cut stamp duty or taxes, neither of which will work, the UK has already had a very low rate of CT and still has among the lowest business tax rates of most EU countries.

Labour coming out with what they would or wouldn't do, 2 years before an election, is madness, the Tories would cherry pick the popular policies, as seen with the price freeze, no opposition ever does this.

Labour also wouldn't keep selling off UK assets.

I don't get why posters who state they are floating or have "no axe to grind" keep coming out with this.

Yes the conservatives favour the free market but they are also realistic and we are in the middle of an energy crisis.

Oh FFS! Why on earth would she do that?

How does that help people who are freezing or starving?

And it makes it even harder for everyone else to get onto the property ladder because it pushes up house prices.

I am so over this bloody government and their idiotic policies.

Rubbish

and NOT the point of the thread.

it would be much better if people could stick to the topic, and not continually just bitch about LT/Tories. Plenty of threads about that.

Tell me, how does the opposition hold the government to account and interrogate poor ideas when they refuse to lay out an alternative, workable policy?

This is annoying because we've just paid over £18,000 in stamp 😭

I'm being thick I think but why would it raise house prices?

Socialism does not work, it has been proven time and again. That is not to stay it does not seem the best option superficially. That is why we are a conservative country that only occasionally flirts with labour.