Originally posted by d000hg
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Previously on "Should the BoE choke off our last remaining growth industry?"
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Spoiled my vote since it's a multiple choice yes/no and it's a public poll.
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Originally posted by BrilloPad View PostWhich could be removed via a mansion tax.
But stay away from my cash in hand...I'm just a pleb.
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One obvious move would be to introduce a tax on coffee similar to the duty on alcohol or cigarettes. It should apply to all caffeinated beverages except tea.
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As if any of the bankers would allow that to happen! Mr. Osborne is counting on this housing boom - heck he's the one who's made it happen with state funds! If this is all Britain has as an economy we truly have gone down to a banana republic. all we need now is for some unruly dictator to take over.
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Originally posted by amcdonald View PostAh I thought you were implying extending capital gains tax to 50% of house price sales
Labour policy 2015 I believe.
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Originally posted by VectraMan View PostWhy? It's only the profit that's taxed. They'd still have whatever their original equity was (assuming they didn't start with >100% mortgage), plus whatever they paid off, plus 50% of the price increase. That's not bankrupt.
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Originally posted by amcdonald View PostThat would mean people who want to move house, but have little equity will be unable to move as they'd probably be bankrupt if they sell
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Originally posted by DimPrawn View PostThere is a simple solution and that's CGT (at 50%) all on property sales, including primary residence.
When calculating the gain, you are allowed to offset any large capital spends (e.g. extension) and the annual rate of inflation (calculated based on earning inflation) for the years you owned the property.
I would suggest this in place of stamp duty.
Other countries do this and it works well.
House prices can rise, but not faster than general level of wage inflation, if they do, only the govt wins.
Resolve that and you start introducing loopholes for the rich to exploit
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Originally posted by DimPrawn View PostThere is a simple solution and that's CGT (at 50%) all on property sales, including primary residence.
Solution is at least 5-6% interest rates and legal limit on max LTV - 3-4 annual salaries. That should be enough to put any Govt that implements it out of power for next 50 years...
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Originally posted by DimPrawn View PostThere is a simple solution and that's CGT (at 50%) all on property sales, including primary residence.
When calculating the gain, you are allowed to offset any large capital spends (e.g. extension) and the annual rate of inflation (calculated based on earning inflation) for the years you owned the property.
I would suggest this in place of stamp duty.
Other countries do this and it works well.
House prices can rise, but not faster than general level of wage inflation, if they do, only the govt wins.
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Why should a government be allowed to interfere with a "free economy"?
The professionals are pretty tulip at moving markets in the way they want, So why would a civil servant have any better luck? We can't stop crashes and we can't even change the way they happen. Markets find their own way
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