Abolition of Stamp Duty?

[IAmMyBelovedsAndMyBelovedIsMine]

Hello Mumsnetters,

So what do we think of the Tories' plan to abolish stamp duty?

Usual thought...what else will suffer...the money will have to come from somewhere.....

Hypothetical question. The next general election is 4 years away. They need to win that first (which is looking increasingly unlikely), and then we can worry about it.

I don't think we have the money for it - something else will go to pay for it.

Lovely idea if we were a rich country. It's just another Tory attempt to kick-start the housing market, because that's what makes people feel wealthy.

I don't think it's going to happen even if they do win which I think ie unlikely.

They won’t win so it doesn’t matter what tripe Kemi says.

If Reform backs the idea it will become untenable for Labour to resist further. But they need money so something will have to give.

I don’t understand why the tories are announcing that when they’re not in nor will they be in any time soon. Is it a way to stir the pot? I’d appreciate lower SD costs to aide / help people move more easily especially those who don’t have cash up front but can get a good mortgage due to salary, but I think total
abolishment will just add prices to the property initially

They aren’t going to win the next election.

The current level of stamp duty is too high, and grossly unfair on people who really need to move, e.g. for work. It should be removed and replaced by some other form of tax which doesn’t just fall on a rather random subsection of people. (I’m not planning on moving again so it’s not to my benefit to remove it). I don’t care who does it, it’s a bad tax.

It would be lovely
People would move more easily
Younger people wouldn’t have to save so much to buy
It could help the economy in other ways as new buyers seem to spend a lot of money when they move house

Great!

The stamp duty holiday was the best thing about covid.

It really wasn't, it was a part of the reason the market is starting to fall now. It inflated prices because people felt better about overpaying.
Personally I'm absolutely sure that when Kemi says they will abolish stamp duty - what she is not saying is how they will tax property instead - because that's what they will have to do by another way...

Whatever the Tories say is irrelevant really as we are so far from an election.

Stamp duty needs reforming though, it’s a bad tax. It stops people from moving.

And the numbers are just ridiculous if you live in London…!

I’m a huge lefty & im a big supporter of the abolition of stamp duty. Why the hell should the state take money that has already been taxed. Time to close self employed tax loopholes and non dom
nonsense and raise v high earning tax. Also England should absolutely embrace the Scottish system of one home report. The current model of everyone paying for a survey is madness personified

Also bring back 💯 mortgages- there is an asset to be collected upon in cases of financial delinquencies. Allow young people to get on the ladder and everyone can move forward.

I would love it if it were abolished but as PP have stated where would the short fall come from?

I never understood why stamp duty had to be paid. It’s an unfair tax. Removing it will help the housing market to move an allow FTB to get their foot on the ladder.

It is a long time until the next election and whichever party picks up after these clowns, they’re going to really look at the economy.

"It is a long time until the next election and whichever party picks up after these clowns, they’re going to really look at struggle with the economy."

Ftfy

It’s a good plan- stamp duty is a terrible tax that keeps people stuck in inappropriate housing, reduces mobility, disincentivises downsizing. The difficult bits are how you transition (so that people who’ve just paid stamp duty don’t get also get hit with whatever replaces it) and how you avoid killing the housing market before you make the changes. Oh, and getting elected.

Agree. Plus with the downsizing point below.

The state taxes money that has already been taxed all the time - sorry to break the news to you. A few more examples - VAT, Inheritance tax, Council tax, Capital Gains tax, fuel tax, sugar tax.
Maybe we should introduce capital gains tax for your own home?
Tax is charged in relation to the increase in value of your property, when you sell it and release the funds, not when you buy it

What comes under ‘raise v high earning tax’?

Stamp duty needs to go.

It is too expensive to move house and if we want people to downsize to make the most of the housing stock we have available, then people shouldn’t be prevent from moving because of taxes.

I’m pretty sure most countries have a version of stamp duty. I bought a property in Spain a few years ago and paid double the amount of stamp duty I would have paid in England for a property of the same price so the English system isn’t that expensive! So, what taxes would they have to increase in England to make up for the loss of revenue if they abolished stamp duty??

People who earn more than me!