Homeowners must be taxed on equity in homes to address crisis, MPs told

[MrMarkyMark]

Someone I know officially sold his flat for £300k.

The buyer then stumped up £200k worth of Bitcoin for the balance.

That was 5 years ago now, I'm guessing he did very well out of it

[jamesbrown]

Someone I know officially sold his flat for £300k.

The buyer then stumped up £200k worth of Bitcoin for the balance.

That was 5 years ago now, I'm guessing he did very well out of it

Was it in Birmingham, and did you notice anything about the sofas?

[AtW]

And nobody answered the question what if you loose equity you buy a house for 300k but because of brexit or another future crisis you can only sell it for 200k will the government pay you? (probably not)

Obviously not.

[MrMarkyMark]

Was it in Birmingham, and did you notice anything about the sofas?

500k 2 bedroom flat 5 years ago in Brum?!

[DimPrawn]

Korbyn will solve this problem in two ways:

1. All property is theft and therefore the state will own all property.
2. You house will be next to worthless anyway once this idiot is in place.

HTH BIDI

[jamesbrown]

500k 2 bedroom flat 5 years ago in Brum?!

Hey, it was the posh end, near Sutton Coldfield, and the 200k in Bitcoins was extra, for the Squirrel tree house.

[ChimpMaster]

It's all very simple. Tax the billionaires and the huge corporations that don't pay their "fair share".

Globally, the 1% that own 50% of the world's wealth - tax them so that they don't own more than, say, 5% of the world's wealth, which is still a ridiculously huge amount.

Then put in governments that can be trusted to redistribute fairly.

The middle class aren't the problem, but we are attacked incessantly as if we are.

[AtW]

Hey, it was the posh end, near Sutton Coldfield, and the 200k in Bitcoins was extra, for the Squirrel tree house.

Sutton Coldfield is rubbish

[Whorty]

What if your house devalues? Would you get a tax return?

How do you factor in the money spent on the property to do it up. We've just spent £60k on our place, which we hope has added £60k value. The £60k came out of taxed income, so wouldn't be right to be taxed on this a second time.

You'd also have to take into account inflation.

After all this, the average home wouldn't be producing much tax income.

A much simpler solution is make the seller pay the stamp duty rather than the buyer. All problems solved in one easy step

[Whorty]

Or maybe it'll just be a percentage of the amount you paid less the outstanding mortage. Declare it each year, hand cash over.

You are joking aren't you?

So, property worth 200k. Mortgage of £100k so equity of £100k

During year pay off £10k. New equity is £110k so get taxed on the increase in equity of £10k

This means the house owner has reduced their mortgage from income already taxed, then they are further taxed on that same £10k. Doesn't make any sense at all.