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