Burnahm Land Tax Replacing SDLT

[maureenponderosa]

https://www.standard.co.uk/news/politics/andy-burnham-tax-london-land-value-council-stamp-duty-b1286586.html

While I think this is overall a very sensible approach, and do think Stamp Duty is a tax that discourages market movement, I’m a bit worried about this.

We moved recently. Paid £30,000 in SDLT. It will be so galling to have to then pay a stamp duty replacement tax when we’ve already paid so much in stamp duty.

I wonder how this would be rolled out. Would it apply to all purchases after a certain date or to everyone whether they’ve already paid the tax or not.

Hoping it would be the former.

Any speculations?

Headline mentions London but we’re nowhere near. Very rural. No London salaries.

oh yes he most certainly would.
I posted calcs earlier - for 1m property it will take 20 years to pay the same amount of tax via 0.48% as it currently does via SDLT+CT. For 2.5m house it's 15years, the cheaper the property the longer it takes.

It will be a huge loss making policy for tax revenue unless all properties included, even those who paid SDLT already.

The problem I see with all these policy makers and proposals like this - people are utterly incompetent. If you are strong in maths and economics you can get a great job and earnings in private sector, why would you work on this (un)FairShare? so these are second best / frustrated losers who couldn't do anything better and now create policies aiming to punish those who succeeded

That is such a strong point.

This is one of the key reasons our public services are so awful. Very poor unproductive non front line management.

They know how bad they are and entrench themselves to perpetuate their jobs.

Why would any competent able ambitious person submit to that as a chosen life?

Before I get flamed I will say that of course there will be some individuals who are exceptions to this but overall every part of the management of public services in the UK is infected with this disease of indolence, lack of efficiency and resistance to change.

No wonder front line public service workers who beat the brunt test their hair out.

the second copy.😂

(though when I mentioned this morning our kids could be double tapped when we die paying 62% in IHT and cgtax even he couldn’t say that was fair …. ) 😩

This country has lost the plot.

I would say most ends, especially flats, family houses in good areas maybe not so much, but if they get hit with the AB tax who knows?

It doesn't add up. Create a convincing enough straw man and, you can justify almost anything.

It will go the way of Plan 2 student loans. The the argument will be that they can't reduce it because the money is needed elsewhere, or that it wouldn't be fair on renters if homeowners received a break. It will be one excuse after another for why the tax can only ever go in one direction.

This is exactly the problem we have. We saved hard when we were younger, bought the best we could, have lived very frugally for years to pay down the mortgage and now do not have the money required to pay a land tax. I don't think we had a holiday in 15 or so years. The tax will massively reduce the value so we sell at a huge loss. We can't stay, it's a shame and will doubtless fill the Left with absolute glee. I seems very unfair that having paid stamp duty we paid on purchase we will now also owe land tax. Or do we? Surely that's double taxation?

I've just about had enough. Changes in business taxation has destroyed the viability of our businesses, land taxation will take our home, we've worked like dogs for our lives to have something nice and I feel like it's just gone. What was the actual point. Realistically there wasn't one. Why work, they'll come after every single thing you have. We've been on the brink of it for a while but we're shutting everything down. There is literally no point. That's a lot of staff unemployed, no VAT, no business rates, no National insurance, no pensions paid into, literally no more from me. I'm absolutely beaten down now. Massively massively depressed.

So far it is just talk,he will b gone very very soon IMO.

Sorry to hear that. I completely get where you're coming from. There does come a point where you wonder, what's the point?

Labour has been curating its strawmen ever since it returned to office. The division it has sown will, I think, eventually come back to bite it.

How much damage can they cause on the way out? That's what I am worried about.

He can spend a lot of money on his No 10 North without achieving anything

You are quite right
The result is that really there is no point in working and saving if you mean to improve your lot
That’s the clear message from Labour and always has been but Burnham is shouting it even louder

Well I bloody hope so and he can take his envy policies with him
Role on the next GE

Trigger warning for next post
Look away if sensitive

. 😁 im looking forward to this day

I like his optimism that the the game is still not lost. I hope this is not misplaced.

Game is about right - round and round the magic money tree we go

Labour always cause massive damage, whether it is the meltdown of the 1970"s, the Iraq war or this mess, it used to be Tories that came to save us, hopefully this time red team/blue team are gone for good.

If this replaces council tax as well as stamp duty it’d be great. I pay more in council tax for our cheap very small house up north in council tax then my relative in London in their £1.5m house.

They need to think it through more, at the moment he is just waving a big socialist flag to look popular, the main concerns voters have at the moment is immigration and immigration, he hasn"t really addressed this yet?

The problem with stamp duty is that mortgage approvals seem to have slipped to half their historical monthly average, even if you make the seller pay they won"t raise much because there are no buyers!