Rayner Has Resigned

[usernamealreadytaken]

AIBU to say it isn't unexpected, or a surprise?

Excuses excuses..... first he said he bought the house, then he said he didn't, he said it was a slip of the tongue, then he said this week it was all his partner's money, now it's all about escaping being killed. Other people in the public eye also get death threats. I'm sure he's got good security.

Not before time…

I'd say well paid mums who haven't got the comprehension skills to properly read what I wrote are perhaps in the wrong job.

Perhaps if Rayner had bothered to read it, she’d still have all her jobs. All of the advice was entirely legal and doesn’t rely on sorry I didn’t bother to take proper advice. There’s even a bit about trusts, which advises the reader to get specialist advice…

Hunt was using a tax law introduced by Labour, again, entirely legal, and the only way for it NOT to apply is to apply to have it disapplied. I’m sure we ALL want to pay more tax, right? I’m sure you do it all the time?

Peter Mandelson is an extremely intelligent politician, hence why he has been trusted to be the British Ambassador for the US at present he understands what he has to do an isn’t led by what people want to see him doing

They really are not comparable. He is a ruthless strategic player in politics, not necessarily good for building up cosy working relationships and didn’t have a good reputation to work with but certainly was part of a often very successful labour government

Tell the PP that, please.

That reminds me - Keir Starmer told Nick Ferrari that around 6 people were with him in Durham having curry and beer - turns out he meant 16 people, not 6.

It was a follow on to the discussion 😊

Not sure why my earlier post has been hidden - it was a quote/link to the website of a well known tax expert, stating that Jeremy Hunt did not avoid tax when he bought seven flats in 2018.

She just did - I can read too - and I disagree with her.

Correct he did not, he took adv of a rule where 6 houses purchased in one go attract SLDT but 7 do not, a rule introduced by his Gov just 2 years earlier.

What an odd rule to have... why not 1 extra house so many more can take adv....... instead of just the super rich?

I think you will find the papers said other houses on her road sold for less. 3 bedrooms semis not adapted 4 bedrooms detached ones like she had. Presumably they said this with the intention of people then jumping to the conclusion her house was overvalued. Houses on my road sell for far less than mine and for far more. They are different sizes! And she did not have a share in her former family home last Friday

Six or more - not more than six, plus 2003 referred to here;

because of section 116(7) Finance Act 2003:

This is the 6+ rule. If you buy six or more dwellings, then it’s treated as a purchase of non-residential property. So you get lower rates, and no 3% additional tax. The rule was included in the original SDLT legislation back in 2003.

But the critical point is that this wasn’t a choice – s116(7) applies automatically. Hunt didn’t “claim” the 6+ rule – the way the rule works made this inevitable.

Now if he’d bought five flats plus one teensy-tiny property just to get within the 6+ rule, then it would be fair to say he avoided tax. But he didn’t.

He bought 7 flats.

the legal tax loopholes are very much set up for the wealthy to become wealthier

I really hope Labour tackle this and the huge amount of foreign investments in property it’s absolutely destroyed the ability for the average earner to buy in the main cities and this has a knock on impact across the country

Do you know the road that house is located on? If so, Google property prices for 4-bed houses within a 1 mile radius. I just have - rather eye opening.

2016 SDLT rates changed.

Funnily enough Hunt took MDR in 2024

btw, he did nothing wrong, i just wish these "rules" applied to us mere mortals.

No I don’t. What is your point?
The trust will be under the court of protection I imagine so I am sure that would have done its due diligence. Unlike those jumping to conclusions!

My point is that the property prices revealed by that search provide a very clear picture of the area.

You'll be waiting a long time.... just 2700 council houses & 7000 HA built in first 12months, target was 76,000 of CH and HA properties

Overall target was 150k per year of both, perhaps Rayner should have been focusing on this?

I think 150k per year out of 300k isn't enough at all....

The rule was introduced under the Finance Act 2003, enacted by Blair’s Labour administration. You can blame the Tories for lots, but not for Labour’s policies.

The issue for Rayner is that NO houses sold for similar or more within a mile radius.

She did in the eyes of the law own a share of the marital home, as settlor she is a parent and also a trustee, and the beneficiary is a minor.

But if you scuttled all the liars and cheats who would be left?

Jeremy Hunt abolished MDR last year, however the tax experts explained that he didn't claim MDR when purchasing the flats in any case - the 6+ rule introduced in 2003 applied automatically. Two different rules.

It’s only an issue if the house was overvalued. Presumably she submitted valuations to the court of protection.