Stamp Duty Land Tax - intended or unintended consequences?
From City AM:
A new report has suggested billionaires may simply rent prime properties, rather than buying them – and potentially save millions of pounds.
The figures, by Tunstall Property, suggest that for most buyers of ultra-expensive homes, following reforms to the stamp duty by the chancellor last year, it would take about three years’ rental payments just to may off the stamp duty.
The shift to renting is only backed up by anecdotal evidence, but it seems perfectly plausible to me. Even in the normal world, SDLT discourages people from buying and selling, so when owner-occupiers decide to move, high SDLT makes it more likely that will retain their old home and rent it out instead of selling it.
On the other hand, Osborne came up with some half-baked plan to make people who were buying to let pay higher SDLT.
That might tip the balance back towards owner-occupation ever so slightly, but, as we see from the first example, if you want to encourage owner-occupation, it is just as important to reduce SDLT for owner-occupiers (from current levels) rather than increase it for landlords. Or indeed you could go on the safe side and do both.
Source: http://markwadsworth.blogspot.com/2016/01/stamp-duty-land-tax-intended-or.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).