Me house is me pension

[elsergiovolador]

When I hear a think tank lobbies for new taxes I think the rich want poor to stay poor once again.

[jamesbrown]

I’d levy much more after aggressive tax investigation into suspected tax fraud (£2.99 is clearly false valuation, affects stamp duty too).

VAT is taken on items worth 10 pence, no reason why CGT can’t be taken on £2.99, zero extra admin cost if done at transaction stage for which you paying already, overpayment (due to CGT allowance) can be claimed back via tax return

I don't see much scope for tax avoidance there

[jamesbrown]

When I hear a think tank lobbies for new taxes I think the rich want poor to stay poor once again.

I'd like to see admin implement a sockie tax with an extra levy on the most cretinous and tedious examples.

[AtW]

Add into it money spent on the property to bring it up to standard, so increase in value may not be just inflation. If you don't allow this then no one will ever want to bring derelict properties back to market. So no, not that simple.

Property would need to be index linked. Doing this still sees an increase, but it's not as dramatic as Gigi and his chip on their shoulder ilk think it is.

Also, what about when house market corrections take place - to keep things equitable we should then allow people to get a tax rebate off the government.

Nah, can't see it happening with private main residence properties and it's pretty much already there for 2nd + homes.

It’s simple if you keep it simple - everybody pays, no exceptions.

A bigger problem is wrapping of house ownership into (especially offshore) corp, so sale will be of shares in corp rather than house itself - but same risk applies to stamp duty avoidance.

CGT on main home won’t happen - not even under Liebor, well at least for majority of houses.

[scooterscot]

The Social Market Foundation, a think tank, has called for new taxes to be levied on increases in the value of homes.

More or less how the channel islands tax their residents. Except not on the increasing value, but the market value of any given year. Seems like the right way to go.

[AtW]

More or less how the channel islands tax their residents. Except not on the increasing value, but the market value of any given year. Seems like the right way to go.

It’s called Council Tax in the UK

And it does not matter that they did not re-value for some time - it is based on market value, unlikely to have changed in relative terms to each band

Maybe Conservatives should rename it as Wealth Tax - this way they can tax the rich and get rid of hated Council Tax!

[TwoWolves]

When I hear a think tank lobbies for new taxes I think the rich want poor to stay poor once again.

Sock Puppets: How the government lobbies itself and why — Institute of Economic Affairs

It's the government talking to itself again. The only person they listen too.

[jayn200]

It’s called Council Tax in the UK

And it does not matter that they did not re-value for some time - it is based on market value, unlikely to have changed in relative terms to each band

Maybe Conservatives should rename it as Wealth Tax - this way they can tax the rich and get rid of hated Council Tax!

Yes and shift council tax to owners rather than residents like it is most places in the world and just rename to property tax.

[AtW]

Yes and shift council tax to owners rather than residents like it is most places in the world and just rename to property tax.

Why do you think taxing owners will not get the tax (plus extra overheads) passed to the residents?

[DimPrawn]

Then with the extra tax revenue, pay some mates £150m for PPE that doesn't work.

Coronavirus: Outcry over GBP150m of worthless facemasks prompts spending inquiry | News | The Times