Don't laugh, but SNP have just put stamp duty up to 10%!

Don't laugh, but SNP have just put stamp duty up to 10%!

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Discussion

tumble dryer

2,018 posts

128 months

Thursday 9th October 2014
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So (grudgingly) maybe not the worst idea in the world then. Given Scotland’s house price values.

Scale it up. Would it work for you?

TD

ATG

20,598 posts

273 months

Thursday 9th October 2014
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Super Slo Mo said:
I'm not sure if it's your maths or mine, but I make the tax £12.3k, not £3.3k, given that 10% of the remaining £100k is £10k on its own.
Awesome miscalc on my part :-)

richie99

1,116 posts

187 months

Thursday 9th October 2014
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That chart must just be crap. How can nearly 40% of transactions be for less than 100k? What can you buy for 100k?

simoid

19,772 posts

159 months

Thursday 9th October 2014
quotequote all
richie99 said:
That chart must just be crap. How can nearly 40% of transactions be for less than 100k? What can you buy for 100k?

Quite a lot of property in a lot of Scotland.

Not disgraceful 3 bed semis throughout much of Central Scotland, or borderline nice 2 bed semis, etc

jonah35

3,940 posts

158 months

Friday 10th October 2014
quotequote all
10% above £250k is some big hit, just on a £300k house that extra bit is £5k and on a 500k house its £25k plus the extra bit from £135k to £250k.

Very large tax.

Arguably no bad thing.


alfaman

6,416 posts

235 months

Friday 10th October 2014
quotequote all
Ironically - if stamp duty at these levels had been in place in London and the South East - for non-citizens or people who are not UK tax resident .. the speculative property boom and price distortions in London would have been less significant.

I don't see why foreigners / non-residents should not pay 20% stamp duty plus a significant tax on sales.

If they want to live in the UK - just rent.

( this is policy in some countries outside of the UK - where Brits would pay 20%+ to buy a home to live in even if resident .. where citizens of that country can come to London and trash the market for the locals )


For buying in the UK (for brits) - stamp duty should be tiered like tax .. 0% for first 100k , 2% to 200k, 4% to 500k, 6% to 1mill , 10% above 1 mill etc .

blended rate at 500k would be 2.8%, at 1m would be 4.4% .. not ridiculous

Edited by alfaman on Friday 10th October 06:39

BlackLabel

13,251 posts

124 months

Wednesday 25th November 2015
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article said:
A paper prepared for Holyrood’s finance Committee by new tax body Revenue Scotland said £96.2 million had been collected in the first six months since the tax took effect in April.

That compares to the Scottish Government’s forecast for LBTT revenues of £235 million for the year 2015-16.

Read more: http://www.scotsman.com/news/politics/snp-stamp-du...
Follow us: @TheScotsman on Twitter | TheScotsmanNewspaper on Facebook
Edited by BlackLabel on Wednesday 25th November 23:21

simoid

19,772 posts

159 months

Thursday 26th November 2015
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Must be a slow 6 months...

BoRED S2upid

19,713 posts

241 months

Thursday 26th November 2015
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richie99 said:
That chart must just be crap. How can nearly 40% of transactions be for less than 100k? What can you buy for 100k?
Half of Glasgow.

rab.s

83 posts

187 months

Thursday 26th November 2015
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I guess houses in Aberdeen are not selling then.

Axionknight

8,505 posts

136 months

Thursday 26th November 2015
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Things have indeed slowed down up here with the price of a barrel being what it is. I reckon a few developers such as Scotia and Barratts etc might be havinf a bit of a town trouser moment as they have committed to massive developments and they simply aren't selling like they were 12 months ago.

jshell

11,006 posts

206 months

Thursday 26th November 2015
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Axionknight said:
Things have indeed slowed down up here with the price of a barrel being what it is. I reckon a few developers such as Scotia and Barratts etc might be havinf a bit of a town trouser moment as they have committed to massive developments and they simply aren't selling like they were 12 months ago.
I think their business models are such that they can practically walk away at any point with few 'staffers' and few liabilities. However, a planning application has just been lodged for 500 new homes near Stonehaven. WTF!

Buy in Eberdoom right now? GTF!

Axionknight

8,505 posts

136 months

Thursday 26th November 2015
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Yeah I think they are seriously barking up the wrong tree at the moment personally, tis' gonna take a few years for this one to blow over me thinks.

jshell

11,006 posts

206 months

Thursday 26th November 2015
quotequote all
Axionknight said:
Yeah I think they are seriously barking up the wrong tree at the moment personally, tis' gonna take a few years for this one to blow over me thinks.
Agree. Energy fund analyst I know in Edinburgh reckons 2 - 2 1/2 years before any recovery in oil or gas prices*, and the Peterhead CCS project was buried today - Govt pulled £1 billion funding!

  • Barring any unforeseen geo-political 'events'.