Discussion
There was none.
Allowances went up in line with inflation.
Pensioners were bought off with £200 off council tax which is only for one year-this was put in to deflect attention from the Tories proposal of 1/2 off council tax for pensioners.
Stamp duty threshold went up to 120K-but the money on this was clawed back by eliminating the exemption for deprived areas.
All in all the budget of a man who knows his party have won the next election and is preparing for the real contest-a coup.
Allowances went up in line with inflation.
Pensioners were bought off with £200 off council tax which is only for one year-this was put in to deflect attention from the Tories proposal of 1/2 off council tax for pensioners.
Stamp duty threshold went up to 120K-but the money on this was clawed back by eliminating the exemption for deprived areas.
All in all the budget of a man who knows his party have won the next election and is preparing for the real contest-a coup.
JagLover said:
Stamp duty threshold went up to 120K-but the money on this was clawed back by eliminating the exemption for deprived areas.
Serious question JL.
Did they really kill off disadvantaged areas relief?
I've got a completion tomorrow and this could cause the buyer (not my client) to default as I know they are on a 100% mortgage and have been pleading the price down all the way. The sale's at £140K in a disadvantaged area and so this could be £1,400 they'd have to find as cleared funds by 2pm tomorrow.
If you don't have a definite answer I'll have to go look it up elsewhere but if you do please say so!
Ta!
rude-boy said:
Stamp duty threshold went up to 120K-but the money on this was clawed back by eliminating the exemption for deprived areas.
Serious question JL.
Did they really kill off disadvantaged areas relief?
I've got a completion tomorrow and this could cause the buyer (not my client) to default as I know they are on a 100% mortgage and have been pleading the price down all the way. The sale's at £140K in a disadvantaged area and so this could be £1,400 they'd have to find as cleared funds by 2pm tomorrow.
If you don't have a definite answer I'll have to go look it up elsewhere but if you do please say so!
Ta!
it's what they said on Ch4 news last night-I will check through my paper to see if I can find anything on it.
rude-boy said:
Thanks.
Just had a look through the EDP and couldn't see anything other than they waxing lyrical about how wonderful it was that the bottom had gone up to £120K!
which the cynical among us will have noticed only benefits labour voting areas.
With Gordon Brown-never watch his speech-it is a waste of time.
Wait until the next day when all the notes to the budget have been released.
JagLover said:
Thanks.
Just had a look through the EDP and couldn't see anything other than they waxing lyrical about how wonderful it was that the bottom had gone up to £120K!
which the cynical among us will have noticed only benefits labour voting areas.
With Gordon Brown-never watch his speech-it is a waste of time.
Wait until the next day when all the notes to the budget have been released.
Hi,
Got a client to see but have just found the answer in an e-mail from the law soc. Will post it up later for any interested parties
JagLover said:
All in all the budget of a man who knows his party have won the next election and is preparing for the real contest-a coup.
Yep, one of them is going after the election. Will it be Tony or Gordon who gets the chop? They dislike each other personally and philosophically, both have been manoevering against the other. The start of 4 more years will signal open warfare.
What is certain is that the loser will be given a very cushy job as compensation. Look at Paul Boateng, a Tony Crony who did his job badly and was rewarded with being given the High Commissioner to South Africa job. The same applies to Helen Liddell being given Australia. The career diplomats must be seething that people with no experience or qualifications are getting such important jobs and proper proven and qualified diplomats aren't. It also doesn't do Britain much good in the world to give important jobs to amateurs.
Really it is corruption.
Shock News:
The Daily Smail - 16th March 2005
Yet again the chancellor has done what countless others have done in the past. In an attempt to appear helpful and popular, he has nipped down to Tesco's. Why? To purchase in some of our supermarkets finest chicken stock, potatoes and carrots in an effort to "cook the books".
Using the time honoured economics methods such as "take with one hand" and "give with the other" and "smoke and mirrors" the chancellor has managed to fool hardly anyone with a thinly disguised attempt at "hiding the truth".
However, rest assured readers. Come september 2005 and beyond, we can have the opportunity to relive this brief blip of interest in our countries finances. And do you know what? It will be exactly the same next time - regardless which party is currently basking in the glory....
The Daily Smail - 16th March 2005
Yet again the chancellor has done what countless others have done in the past. In an attempt to appear helpful and popular, he has nipped down to Tesco's. Why? To purchase in some of our supermarkets finest chicken stock, potatoes and carrots in an effort to "cook the books".
Using the time honoured economics methods such as "take with one hand" and "give with the other" and "smoke and mirrors" the chancellor has managed to fool hardly anyone with a thinly disguised attempt at "hiding the truth".
However, rest assured readers. Come september 2005 and beyond, we can have the opportunity to relive this brief blip of interest in our countries finances. And do you know what? It will be exactly the same next time - regardless which party is currently basking in the glory....
off_again said:
the chancellor has managed to fool hardly anyone with a thinly disguised attempt at "hiding the truth".
I wouldn't be so sure about that someone defined taxation as the process of plucking a live goose with the minimum amount of hissing. Gordon Brown is so cunning that often the goose does not realise it has been plucked.
Look how this budget has been presented-a small giveway budget-in fact taxes will rise overall by £265M due to decisions made in the budget.
Though such a figure is a mere rounding error on a state tax take of such scale
bruciebabe said:
All in all the budget of a man who knows his party have won the next election and is preparing for the real contest-a coup.
Yep, one of them is going after the election. Will it be Tony or Gordon who gets the chop? They dislike each other personally and philosophically, both have been manoevering against the other. The start of 4 more years will signal open warfare.
What is certain is that the loser will be given a very cushy job as compensation. Look at Paul Boateng, a Tony Crony who did his job badly and was rewarded with being given the High Commissioner to South Africa job. The same applies to Helen Liddell being given Australia. The career diplomats must be seething that people with no experience or qualifications are getting such important jobs and proper proven and qualified diplomats aren't. It also doesn't do Britain much good in the world to give important jobs to amateurs.
Really it is corruption.
Another example of a Labour government following the Tories example. Chris Patten was appointed governor of Hong Kong by John Major as compensation for not getting himself losing his seat in 1992.
Moving the lower Stamp Duty threshold was a total load of 
How many First time Buyers will actually be buying a property below £120,000?
Lets face it, a young couple buying for the first time will probably be planning a family. That means they need two bedrooms. If they are starting a family, will they live in a scumball area? No, they won't.
You try and find me a 2 bedroom house, in the South East, in a reasonable area, and not right out in the sticks, for less than about £140k.
This change will not help the housing market at all. Even if FTB's were to still pay 1% on their purchase, if buying a flat at £100,000 that would equate to around £5 per month on a repayment mortgage.
I'm sure one of our resident Finance Bods can put us right on that one.
The real Issue that needed attention was the hugely obstructive threshold at £250,000.
The Duty levied above £250,000 increases from 1% to 3%
that means if you buy a house at £249,000 the duty payable is £2490.
If buying at £250,000.01 however, the Duty becomes £7500!
The reason this causes so many problems, is the fact that most Home Owners second move is to a house around that level. They now have 2 children, They may have 2 cars, and it won't all fit in a victorian terrace with no parking... They need 3/4 Bedrooms, and they need a garage, guess what? They are looking around £250k for their new Home.
I have seen so many Families lose buyers, and lose their dream home because of poxy stamp duty. It was originally introduced to be a Property tax that targetted wealthy land owners, it should be based on an index of average house prices, making it fair. Not stuck at the same thresholds its been at for years.
If Mr Blair and crew, really had the publics interests at heart, then stamp duty would face a heavy revision. The housing market would be released from its current Lull.
And I could start making commission again!
Long Post I know, but it just makes me so mad, all this Noise from our Government, and fake action to secure Votes makes me sick to my stomach.
Vote Conservative!!!
How many First time Buyers will actually be buying a property below £120,000?
Lets face it, a young couple buying for the first time will probably be planning a family. That means they need two bedrooms. If they are starting a family, will they live in a scumball area? No, they won't.
You try and find me a 2 bedroom house, in the South East, in a reasonable area, and not right out in the sticks, for less than about £140k.
This change will not help the housing market at all. Even if FTB's were to still pay 1% on their purchase, if buying a flat at £100,000 that would equate to around £5 per month on a repayment mortgage.
I'm sure one of our resident Finance Bods can put us right on that one.
The real Issue that needed attention was the hugely obstructive threshold at £250,000.
The Duty levied above £250,000 increases from 1% to 3%
that means if you buy a house at £249,000 the duty payable is £2490.
If buying at £250,000.01 however, the Duty becomes £7500!
The reason this causes so many problems, is the fact that most Home Owners second move is to a house around that level. They now have 2 children, They may have 2 cars, and it won't all fit in a victorian terrace with no parking... They need 3/4 Bedrooms, and they need a garage, guess what? They are looking around £250k for their new Home.
I have seen so many Families lose buyers, and lose their dream home because of poxy stamp duty. It was originally introduced to be a Property tax that targetted wealthy land owners, it should be based on an index of average house prices, making it fair. Not stuck at the same thresholds its been at for years.
If Mr Blair and crew, really had the publics interests at heart, then stamp duty would face a heavy revision. The housing market would be released from its current Lull.
And I could start making commission again!
Long Post I know, but it just makes me so mad, all this Noise from our Government, and fake action to secure Votes makes me sick to my stomach.
Vote Conservative!!! JagLover said:
Alot of sense
If you could find me one for 140K I would be happy.
To reform stamp duty we need to end the all or nothing approach with the banding and move to a graduated system like with income tax-then it would not distort the property market.
Exactamondo!
In fact, next election...
KingRichardJagLover Social Realist Party!rude-boy said:
Hi,
Got a client to see but have just found the answer in an e-mail from the law soc. Will post it up later for any interested parties
Pox on me for posting this without seeing if you had had chance to find out the answer before dashing to the I/V room!
Thanks for looking that up and thanks to jacobyte for the very useful link.
Funny thing is that there are a lot of people 'in the know' who are telling anyone who will listen that this Budget is a con. Some of the newspapers seem to be saying it's good news but I have had a lot of people saying the same as those on this site - not a lot in it but a few cheap cons to lure those who haven't waited for/ will not bother to read the detail.
Just spoken to a client who is fumming. They thought that they were a pensioner at 65, not 75. Mind you they calmed down where they heard that it was a one off, not an annual £200 reduction of the council tax...
I would have much more respect for the chancellor if he just came out and said
'Ok, we need to increase taxes, these are the reasons why, this is how we are going to achieve it. We realise this isn't ideal, but we can afford to give you this, this and this in return'
Too much Smoke and mirrors.
The revolution is coming 
'Ok, we need to increase taxes, these are the reasons why, this is how we are going to achieve it. We realise this isn't ideal, but we can afford to give you this, this and this in return'
Too much Smoke and mirrors.
The revolution is coming KingRichard said:
Exactamondo!
In fact, next election...
That is interesting if I were to form a political party what would it be called?-I would like it to be called the Liberal party but then unfortuanatly I would be associated with the Lentilist scum who currently call themselves the 'Liberal Democrats'
I think I will have to copy an expression from the American political scene and call myself a Neo Conservative-appropriating the best bits of both the Liberal and Conservative political philosphies.
JagLover said:
Does it efect your client Rude-Boy?
When does this apply from?
No fortunately tomorrow's completion will be unaffected as it is a residential property, for which everything appears to have stayed the same with SDLT disadvantaged areas relief.
The E-mail I read before I dashed off said:
1. The Stamp Duty Land Tax (SDLT) threshold for residential transactions is increased from £60,000 to £120,000 with effect from midnight tonight (16 March 2005). This will therefore apply to all transactions which complete (or have an effective date) on or after Thursday 17 March 2005 (see Rev 01).
2. Commercial land transactions (which includes the transfer of freehold and the grant, assignment or assignation of a lease) will not be eligible for disadvantage areas relief where completion (or effective date) is on or after Thursday 17 March 2005. However, there is transitional relief where contracts are entered into on or before 16 March 2005 as these will still be eligible to claim relief, provided that there is no variation or assignment of the contract or sub-sale of the property and that the transaction is not the exercise of an option or right of pre-emption. The rules relating to disadvantaged areas relief for residential property are unaffected (Rev 9).
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