Autumn Statement 2014

dowie · 3 Dec 2014 at 14:55

Mr.Stu said:
Stamp duty changes definitely welcome, should help houses sell in the 250-270k range, perhaps it will push prices up that were previously 240.

it is long overdue - I mean a few years ago first time buyers were exempt up to 250k but would get massively screwed by stamp duty being applied on the whole flat just by buying something for say 265k... definitely needed to become a progressive tax

he introduced a special higher rate for people buying homes through companies - should perhaps consider one for non-resident buyers from overseas and maybe even for second homes (whether holiday or buy to let)

redeye_uk · 3 Dec 2014 at 14:59

dowie said:
it is long overdue - I mean a few years ago first time buyers were exempt up to 250k but would get massively screwed by stamp duty being applied on the whole flat just by buying something for say 265k... definitely needed to become a progressive tax

This change was long overdue. Ideally the bands needed to increase (which, in a way, they have). They should also be tied to inflation or some other metric and change annually.

Judgeneo · 3 Dec 2014 at 15:20

Stamp duty change looks good for me in the relatively near future, the post-grad loan scheme would have been very useful to me a couple of years ago. Good changes there!

Intrested to see if the "google tax" actually works too.

Shelster · 3 Dec 2014 at 15:35

How does the Stamp Duty change work (excuse me am a financial numpty)

Is it tax free up to £125K then you pay 2% on any value of the house between £125K and £250K (so for a house of £190K you pay 2% on £65K) and then so on up the scales?

Am very interested in this as am due to complete on a house on 23 Dec 14 and have already exchanged too.

Judgeneo · 3 Dec 2014 at 15:37

"Under the new rules, no tax will be paid on the first £125,000 of a property, followed by 2% on the portion up to £250,000, 5% on the portion between £250,000 and £925,000, 10% on the next bit up to £1.5 million and 12% on everything over that."

PapaLazaru · 3 Dec 2014 at 15:39

Shelster said:
How does the Stamp Duty change work (excuse me am a financial numpty)

Is it tax free up to £125K then you pay 2% on any value of the house between £125K and £250K (so for a house of £190K you pay 2% on £65K) and then so on up the scales?

Am very interested in this as am due to complete on a house on 23 Dec 14 and have already exchanged too.

Looks like it. Good news for me as well as though I only moved into my house 18 months ago, am planning on moving again next year and this will save me a fair amount of money.

Hades · 3 Dec 2014 at 15:39

Apart from property what other item is repeatedly taxed every time it is sold "second hand" between two private individuals? Why houses and not cars for example?

Shelster · 3 Dec 2014 at 15:39

Judgeneo said:
"Under the new rules, no tax will be paid on the first £125,000 of a property, followed by 2% on the portion up to £250,000, 5% on the portion between £250,000 and £925,000, 10% on the next bit up to £1.5 million and 12% on everything over that."

That explains that then...is a bit like income tax rates then. That makes me a very happy camper indeed

mrochester · 3 Dec 2014 at 15:41

Excellent news re stamp duty. That's just saved me £3000

Hades · 3 Dec 2014 at 15:42

Shelster said:
How does the Stamp Duty change work (excuse me am a financial numpty)

Is it tax free up to £125K then you pay 2% on any value of the house between £125K and £250K (so for a house of £190K you pay 2% on £65K) and then so on up the scales?

Am very interested in this as am due to complete on a house on 23 Dec 14 and have already exchanged too.

Seeing as you have already exchanged then you are in a good position:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/382324/Stamp_Duty_15.pdf

The new rules start on 4 December
2014 – but if you’ve already exchanged
on a property you’ll have a choice about
whether to use the old or new rules.

Completing your sale on and after 4
December 2014
If you exchange and complete (or in Scotland,
settle) your home purchase on or after 4 December
you will pay stamp duty under the new rules.

Completed your sale before the 4
December 2014
If you completed on the purchase of your property
on or before 3 December 2014, but have not yet
filed your stamp duty return, you still have to pay
stamp duty under the old rules.

Exchanged on your contract before 4
December 2014
If you exchanged contracts (or in Scotland,
concluded missives) before 4 December but
complete on or after that date you’ll be able to
choose whether the old or new rules apply. In the
majority of cases you’ll pay less tax under the new
rules.

Mr Jack · 3 Dec 2014 at 18:13

Nothing too major there, really.

A welcome reform of Stamp Duty to make it a less retarded tax. That's long overdue but doesn't actually make that much difference to anything, although it should help the market "snag" less at the £125k, etc. breakpoints.

More forecasts that continue to wander away from the previous ones in a direction unflattering to the chancellor. It really is remarkable how far they are from their original targets.

More sweeteners and funding for fossil fuel business and use in fracking and oil - so much for the "greenest government ever".

The first step of a "google tax" to recover profits from tax-avoiding multi-nationals. Good news but it seems like its actually a fairly weak measure. Still, as Tesco would say, every little counts.

Student loans for Master's students - about blinkin' time - but I'm not sure how good the actual measure is and the age limit seems arbitrary.

So, overall, one of George's better budgets. No obvious screaming omnishambles here nor any obviously deeply misguided policies and even good moves on a few fronts.

LordSplodge · 3 Dec 2014 at 18:25

Rotty said:
UKIP and more likely to split the Tory vote and let Labour in

Good, in so much as it gets the Conservatives out and keeps UKIP out. Labour aren't oerfect, no political party is, but they're better than UKIP or the Tories.

Destination · 3 Dec 2014 at 18:37

LordSplodge said:
Good, in so much as it gets the Conservatives out and keeps UKIP out. labour aren't oerfectno political party is, but they're better than UKIP or the Tories.

Indeed, they are not perfect, they are a collection of babbling fools who destroyed the country, overspent, deregulated, and have awful memory issues, and two prize plonkers leading them.
If labour win the next election the British public deserve a meteor strike.

Von Smallhausen · 3 Dec 2014 at 18:49

Ed Balls didn't half rip into George ...... seemingly forgetful that he advised Gordon Brown when he was chancellor and money was borrowed like it was free.

MrMoonX · 3 Dec 2014 at 19:20

Hikari Kisugi said:
Indeed, they are not perfect, they are a collection of babbling fools who destroyed the country, overspent, deregulated, and have awful memory issues, and two prize plonkers leading them.
If labour win the next election the British public deserve a meteor strike.

You do realise that the deficit has grown under the Tories? They have played the whole blame labour card for five years, it's pointless the only thing that is broken is capitalism and our economic system. The political parties are all one and same don't forget that.

Rotty · 3 Dec 2014 at 19:22

LordSplodge said:
Good, in so much as it gets the Conservatives out and keeps UKIP out. Labour aren't oerfect, no political party is, but they're better than UKIP or the Tories.

are you unaware who got us into this mess?

Rotty · 3 Dec 2014 at 19:23

MrMoonX said:
You do realise that the deficit has grown under the Tories? .

no it hasn't

the projections may have reduced a little from the below but it is not remotely close to the deficit having invreased

scorza · 3 Dec 2014 at 19:27

So now we know how Osborne is funding the stamp duty cut - by £90bn of unannounced spending cuts: http://blogs.channel4.com/paul-mason-blog/spending-cuts-obr-ippr-exclusive-harsh-cuts-numbers/2665 Gideon the master of concealing the truth from his budgets.

He hasn't learnt his lesson yet - austerity doesn't work. Isn't Einstein's definition of insanity doing the same thing over and over again and expecting different results?

Mr Jack · 3 Dec 2014 at 19:33

Rotty said:
are you unaware who got us into this mess?

Yes, the global economic crisis. The Tories then took a growing economy and tanked it for three long years, sucking billions out of the economy and out of government coffers.

Caged · 3 Dec 2014 at 19:59

Also bear in mind that the 'easy' cuts have already been made. The next round will hurt a lot more.

It's going to get incredibly tedious listening to talking heads bleat on about how best to screw over people in low-paid jobs though, and how the real problem is somehow Europe.