Labour and the Tories have disenfranchised me

Exactly Siope.

According to GSM everyone pays stamp duty up to £250k

Er Lizzie, everyone pays stamp duty up to £250k. Get your facts right!

Nobody pays stamp duty on freehold residential property up to £250,000 in England and Northern Ireland

First time buyers are exempt up to £425,000 on freehold residential property that will be their home (in England and Northern Ireland).

Source: www.gov.uk/stamp-duty-land-tax/residential-property-rates

Do first time buyers pay Stamp Duty?

Maximum property price.Stamp Duty rate

£0 to £425,000 0%

£425,00 to £625,000 5%

From NatWest.

Here’s another factual source for you GSM. Please feel free to disprove.

Er GSM I got my facts from “Complete Guide to Stamp Duty”. I quote:

“ First Time Buyer Stamp Duty
First Time Buyers don't pay Stamp Duty on properties worth up to £425,000. They pay 5% on the portion between £425,001 and £625,000. This means First Time Buyers who buy a property worth up to £625,000 will pay no Stamp Duty on the first £425,000 and only pay 5% on the remaining amount.” 12 Apr 2024

Happy to be proved wrong if you have better facts🤷‍♀️

Er Lizzie, everyone pays stamp duty up to £250k. Get your facts right!

And growstuff, I know from your posts the area in which you live, and housing there isn’t cheap. Don’t talk about my little bubble. You seem to have a log on your shoulder, not just a chip.

Primrose53

I rarely talk Politics with some friends but had coffee this morning with my friend who spent her whole adult career as a nurse in the Army, then NHS. Her husband has the same background. They are now retired.

She brought it up and I was quite surprised when she said they would both be horrified if Labour got in. She had just spent a lovely long weekend away with a large group of former nurses and none of them want Labour in either.

As I said yesterday I have not met a single person who wants Labour in and there are no Labour posters up anywhere around here.

That struck with me too, an ex Army nurse who worked with me in our local hospital, yes there are many of us despite what an ignorant young man said on Sky last night, he said the only decent payrise he got whilst in the Army, was from a Conservative gov. He's never voted Labour. I never have either, not always Conservative, but never Labour.

I’m sorry but I think some of you are missing my point!

My point isn’t about the cost of a house for first time buyers. It’s that Sunak has made a big thing of saying that in his manifesto he’s introduced the policy that first time buyers won’t pay stamp duty up to £450k. But they already don’t pay stamp duty up to £425k!

So, he’s arguably misleading people into thinking this is a new ‘tax cutting’ policy! It’s not!!!

DiamondLily

growstuff

I'm absolutely fine about taxes on alcohol and tobacco being increased.

I’m not fine about tax on alcohol and tobacco being increased, if I’m honest.

As for £425,000, you would barely get a starter home around here for that.🤷‍♀️

Well, buy somewhere cheaper!

Germanshepherdsmum

growstuff

LizzieDrip

*First Time Buyer Stamp Duty:
First Time Buyers don't pay Stamp Duty on properties worth up to £425,000*

From ‘Complete Guide to Stamp Duty’

Blimey! What kind of first-time buyer buys a property for over £425,000?

Plenty. My son was one of them, and that was a good few years ago. London prices.

Well, yipppeee! What about the rest of the population? They don't seem to matter in your little bubble.

maddyone

First time buyers all buy property at £425,000 and over.

Maybe in London, but there are many millions of people who don't live in London.

I have always voted, never missed a single election of any kind - as others have said, women fought so hard for our right to vote.

I haven't decided who to vote for yet, will have a good look at the manifestos but am edging towards the Green Party.

In London, I meant to say.

First time buyers all buy property at £425,000 and over.

growstuff

LizzieDrip

*First Time Buyer Stamp Duty:
First Time Buyers don't pay Stamp Duty on properties worth up to £425,000*

From ‘Complete Guide to Stamp Duty’

Blimey! What kind of first-time buyer buys a property for over £425,000?

Plenty. My son was one of them, and that was a good few years ago. London prices.

growstuff

Germanshepherdsmum

growstuff

Allsorts

If anyone believes the labours charges will not mean more taxes don’t be fooled. First thing will be Inheritance Tax, theirs will be sorted by clever accounting. Charges increased by stealth, purchasing property or road tax etc. Be realistic where else can they get it. As for the NHS, doctors still striking.

Well, that won't affect many people.

Changes to IHT could affect a very great many people. Potentially anyone who owns their own home except in areas where house prices are very low. There are, as Allsorts says, many other taxes - fuel duty, ‘road tax’, duty on alcohol and tobacco, stamp duty. As regards the latter, Starmer said today that building another 1.5m homes would allow more people to buy. What absolute rubbish. At least the Conservatives have said they will abolish stamp duty for first time buyers, up to £450k. From Starmer - we will change the planning system. How many times have we heard that? So easy to say. Anyone believing that what Starmer says will enable them to get on the housing ladder is in for a big disappointment.

"In the tax year 2020 to 2021, 3.73% of UK deaths resulted in an Inheritance Tax (IHT)"

www.gov.uk/government/statistics/inheritance-tax-statistics-commentary/inheritance-tax-statistics-commentary

As I wrote, not many.

You are looking at estates subject to IHT under current rules. The point is that Labour could sweep away current reliefs at a stroke. I fully expect that will do so.

growstuff

I'm absolutely fine about taxes on alcohol and tobacco being increased.

I’m not fine about tax on alcohol and tobacco being increased, if I’m honest.

As for £425,000, you would barely get a starter home around here for that.🤷‍♀️

I'm absolutely fine about taxes on alcohol and tobacco being increased.

LizzieDrip

*First Time Buyer Stamp Duty:
First Time Buyers don't pay Stamp Duty on properties worth up to £425,000*

From ‘Complete Guide to Stamp Duty’

Blimey! What kind of first-time buyer buys a property for over £425,000?

There's one tax which could be reformed and apparently would bring in about £8bn, namely abolishing higher rate tax relief on pension contributions. The highest earners currently receive a higher subsidy on their contributions than basic rate taxpayers.

Germanshepherdsmum

growstuff

Allsorts

If anyone believes the labours charges will not mean more taxes don’t be fooled. First thing will be Inheritance Tax, theirs will be sorted by clever accounting. Charges increased by stealth, purchasing property or road tax etc. Be realistic where else can they get it. As for the NHS, doctors still striking.

Well, that won't affect many people.

Changes to IHT could affect a very great many people. Potentially anyone who owns their own home except in areas where house prices are very low. There are, as Allsorts says, many other taxes - fuel duty, ‘road tax’, duty on alcohol and tobacco, stamp duty. As regards the latter, Starmer said today that building another 1.5m homes would allow more people to buy. What absolute rubbish. At least the Conservatives have said they will abolish stamp duty for first time buyers, up to £450k. From Starmer - we will change the planning system. How many times have we heard that? So easy to say. Anyone believing that what Starmer says will enable them to get on the housing ladder is in for a big disappointment.

"In the tax year 2020 to 2021, 3.73% of UK deaths resulted in an Inheritance Tax (IHT)"

www.gov.uk/government/statistics/inheritance-tax-statistics-commentary/inheritance-tax-statistics-commentary

As I wrote, not many.

*First Time Buyer Stamp Duty:
First Time Buyers don't pay Stamp Duty on properties worth up to £425,000*

From ‘Complete Guide to Stamp Duty’

At least the Conservatives have said they will abolish stamp duty for first time buyers, up to £450k

Of course, first time buyers already don’t pay stamp duty on property up to £425k so not much change there!

growstuff

Allsorts

If anyone believes the labours charges will not mean more taxes don’t be fooled. First thing will be Inheritance Tax, theirs will be sorted by clever accounting. Charges increased by stealth, purchasing property or road tax etc. Be realistic where else can they get it. As for the NHS, doctors still striking.

Well, that won't affect many people.

Changes to IHT could affect a very great many people. Potentially anyone who owns their own home except in areas where house prices are very low. There are, as Allsorts says, many other taxes - fuel duty, ‘road tax’, duty on alcohol and tobacco, stamp duty. As regards the latter, Starmer said today that building another 1.5m homes would allow more people to buy. What absolute rubbish. At least the Conservatives have said they will abolish stamp duty for first time buyers, up to £450k. From Starmer - we will change the planning system. How many times have we heard that? So easy to say. Anyone believing that what Starmer says will enable them to get on the housing ladder is in for a big disappointment.

maddyone

How any government can ever justify pensioners paying tax on the state pension is beyond me. The state pension is less than half what would be earned on the minimum wage on a 35 hour week!

Frightening!

I repeat: please show your figures for your claims, GSM. What are you assuming the pension rise to be in the 2025-26 and the two subsequent years?

Also, of course, it’s the Tory fiscal drag policy that has pulled people on just over the basic state pension into paying tax for the first time, and they could have taken action to ameliorate that, but chose not to.