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.

I know it's frozen, doesn't mean house prices aren't high...
Only about 3/4% of deaths result in a IHT bill which isn't a huge slice.
it really doesn't benefit the economy & society to have so much income tied up in property, & a few billion a yr doesn't offset that.

Tax the seller according to their selling price. If you graduate it above the average first and second homes prices, so that more tax is paid by the rich second time buyer that the average wage first time buyer looking to move up then you create a more fluid market.

Better still. Review the whole tax system. Make taxation a co-efficient of both asset values and income. The information is there to do it, but no party for the same underlying reason wants to do that. Traditional votes. It needs a visionary to let go.

@towelhammer all these people who moan about people in the SE having expensive homes don't appreciate they have to take out and pay off huge mortgages for them and pay for years and then can't pass them down to their children. More and more people are being caught with massive IHT bills which benefits everyone, £6 billion last year.

@Luckydip1 not in my area of London. The people who fall into the IHT brackets tend to be older & didn't have huge mortgages as they bought when prices were low. My parents fall into this category & I certainly don't need pity if I'm fortunate enough to have to pay IHT. How do you think 6bn is benefiting everyone, it's a drop in the ocean!

and plenty of people circumnavigate IHT

@towelhammer
Well just because your parents paid cash for their house, the majority of people are hard working, paid tax on their income then paid their mortgage.

@Luckydip1 what are you going on about. Where did I say my parents paid cash? They didn't & they didn't have a huge mortgage because they bought in the 80s. Yes the majority of people are hard working & pay income tax, regardless of whether their house is worth 200k or 2m

Well I’d be delighted to move from my four bedroom house where I live on my own to something smaller and I can assure you that SD is a major consideration that stops me from doing that.

Not all single ‘elderly’ home owners have paid off their mortgages.

@towelhammer your parents are not representative of the average home owner so why are you referencing them.

@Luckydip1

well they are as most housing wealth is owned by the older generations who have seen huge price growth but values will vary of course.

However people who are liable for IHT are certainly not representative of the average home owner so why are you going on about them? 😆

@towelhammer most current homeowners didn't buy in the 80s!

@towelhammer the average house owner in London is now going to be hit by IHT. You could only buy a lock up garage for under the threshold in London.

@Luckydip1 this is tiresome, is there something wrong with your comprehension?

Where have I said most homeowners bought in the 80s?

You could only buy a lock up garage for under the threshold in London.

Err London is more than Knightsbridge or Chelsea. Do you even understand the thresholds?

Really not whats needed though , somehow getting the price down would be more helpful

That would require building more houses on a massive scale.

@Luckydip1 do you understand the thresholds?

You cannot buy a one bed flat for under £325k near me...

so you don't understand the thresholds then, which is what I thought!

I mean think about it logically, IHT bill last yr was 6bn as you say. Tiny, hardly anyone pays it. Can you guess why?

@towelhammer I'm single, still think I'm wrong?

@towelhammer you just watch the IHT rise over the next few years. The threshold is frozen until 26 in case you didn't know.

Yes you can give your house to your kids and then remain and pay the market rent and if you survive 7 years and you don't need social care you might get away with it.

all these people who moan about people in the SE having expensive homes don't appreciate they have to take out and pay off huge mortgages for them and pay for years and then can't pass them down to their children.

who are all the people you are referring to here? single parents?

the average house owner in London is now going to be hit by IHT.

and here, the average home owner is who?

I'm single, still think I'm wrong?

@Luckydip1 yes you are, I am assuming you have dc & want to pass on stuff to them.