3% stamp duty rise to 5%

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John

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With the rise from 3% to 5% stamp duty for a second home to come into affect tomorrow really don’t seem fair.

We are just before exchange on a additional property, searches done, survey done everything pretty much in place, can’t believe we might be hit with this with a days notice.

What a waste of time and money as we probably going to pull of buying the property now.

I am hoping as we’re so far down the road in buying it we won’t be hit with the rise but not holding my breath if anyone knows the answer to this please let me know (will we have to pay the 2% rise?).
 
Mate all of Labour's manifesto promises are COSTED and INDEPENDENTLY VERIFIED!!!! It is worth having Labour in cause I'm a nicer person than you, they'll close the CRUEL Rwanda deal that never even processed a single person.

- Someone on UKDNF

What a shit show it is.

 
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Yep, new rate kicks in on completed transactions from tomorrow onwards.
 
Lucky escape? Pull out and put your money into gold.

Gold is up £500-£700 this month alone on a 100g of gold, annualised that means it's going up at a rate of 130% a year. get the coins and it's Capital Gains Tax exempt.

You can always take your gold out of this bankrupt hell hole of a country, can't take your property.
 
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In the same boat and due to exchange next week. If you haven't exchanged today you'll have to pay the extra 2%. I've already emailed the Estate Agent hinting at a reduction to cover the extra expense.
 
Times like this, makes me happy to be lower class peasant without a single property rather than you middle class peasants :ROFLMAO:
 
It's a con and very underhand that they drop this on people mid-transaction. They shouldn't have brought it in at all, but should have given at least 3 months notice so most of the current transactions would not be affected. But whether in the guise of Labour or Conservative, the ruling elite's real goal is to push down the middle class, their No. 1 threat and enemy.

Having said that, I would continue with the transaction. Sooner or later the extra 2% will be easily swallowed with house price inflation. The BTL properties I bought in 2021 I've pretty much doubled my money (based on ~25-30% deposits) from increases in house price values alone. If you include profit from rent as well I have more than doubled it. Obviously house prices go up in fits and starts but I think the higher mortgage rates have blocked a lot of demand especially among BTL investors, so there's pent up demand building up there waiting for rates to come down making investment viable again. I think the rates are on the way down so I would expect some of that pent up demand to start breaking through next year and house prices to start escalating again, or at least creep up at a higher rate than this year.

Also in 2020 when the CONservatives cut the stamp duty to encourage property purchases, I suspect strongly they did this for themselves and the ruling class in general (their own kind). It was obvious from the £hundreds of billions they were blowing on a load of covid horseshit that this was going to cause an avalanche of inflation very soon. And it did. When they cut the stamp duty as well I thought here we go, they're doing this for themsleves so they can make a massive profit in a really short time by buying up properties as investments, knowing high inflation will push their property values up very quickly. It was obvious that was going to happen, and the stamp duty cut was just the icing on the cake.

Throughout history the ruling class have always loaded up on property and gold in times of inflation and preserved or multiplied their wealth. By contrast the middle classes usually lose their money in savings. Hence when I saw what was happening I got in on it in late 2020/ early 2021 and invested in property as well. I have no doubt that many MPs both Labour and Convervative (because they're all the same anyway), and their staff, senior civil servants and buddies in the media etc would have taken advantage of the impending killing to be made on property that the government created with its own policies. And given that people generally buy BTLs with 5 year mortgage deals, those deals will be coming to an end from around this time next year onward. We'll see, but I suspect that mortgage rates will come down by then because all those self-serving MPs and their buddies will be wanting to remortgage their new BTL properties around that time and they won't be wanting to pay the current interest rates.
 
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GreyWing said:
Lucky escape? Pull out and put your money into gold.

Gold is up £500-£700 this month alone on a 100g of gold, annualised that means it's going up at a rate of 130% a year. get the coins and it's Capital Gains Tax exempt.

You can always take your gold out of this bankrupt hell hole of a country, can't take your property.
Click to expand...

How easy it it to resell coins? And what coins are best to buy?
 
diablo said:
How easy it it to resell coins? And what coins are best to buy?
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This company smelt gold themselves, so you can trust them 100%. It's basically going direct so I think they are the cheapest I have seen for .9999 gold - best you can get.

Baird & Co. | Buy Gold Coins

We offer investors an extensive collection of gold coins from renown international mints. These include gold Sovereigns, Krugerrands and The Canadian Maple Leaf. Baird & Co. are also an authorized distributor for the Royal Mint.
bairdmint.com bairdmint.com

They'll buy them back from you when you want to well, maybe a 1% commission or something you will lose each time but it acts as cash. You can sell in other places too but they may take a bigger cut

I prefer to just buy the cheapest 9999 1oz gold coins. Others will pay a bit more for a special rare design but for me it's just about the gold.
 
Yes, we can all live in a house made out of gold bullion instead.
 
username said:
Yes, we can all live in a house made out of gold bullion instead.
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First homes are one thing, second properties are another. I wouldn't go down that route, although I have two properties for accidental reasons.

House prices haven't gone up a single penny in 60 years when priced in gold, in fact they have probably gone down.

In my opinion, they aren't great investments due to the gov being able to screw you out of them and nothing you can do to stop them. Nobody is going to be marching down the street to save your second, third, fourth home. Majority of the public will cheer as you greedy people are taxed out of it.
 
GreyWing said:
In my opinion, they aren't great investments due to the gov being able to screw you out of them and nothing you can do to stop them. Nobody is going to be marching down the street to save your second, third, fourth home. Majority of the public will cheer as you greedy people are taxed out of it.
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True
 
Pensions are my biggest concern with Labour. I have a SSAS pension which I own different assets with, and I think by the time I cash them out i'll be getting hit with a big tax liability.

Country really is in free fall, no wage growth, increased taxes and they've kept the cap on income tax rate until 2030 (?)... if it is an option, people should just leave. I've been considering it all week.
 
Hook said:
Pensions are my biggest concern with Labour. I have a SSAS pension which I own different assets with, and I think by the time I cash them out i'll be getting hit with a big tax liability.

Country really is in free fall, no wage growth, increased taxes and they've kept the cap on income tax rate until 2030 (?)... if it is an option, people should just leave. I've been considering it all week.
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Not just Labour. It is only a matter of time before private pensions are targeted by all governments. Their market value is currently £1,179 billion and rising. There can be no more tempting target. I've no doubt the tax-free lump sum will soon start being eroded away.
 
Yeah I'm not putting anything in a uk pension cos I fully expect those to be raided at some point. I'm in my 40's with zero uk pension whatsoever but I don't care. I've bought a few properties abroad instead and I can rent them all out and live till I'm 100 if I want to, I won't need a UK pension.

I put about £200k into property in the shithole that is Scotland and I'm now sitting on about £0 capital gains from all that (edit for clarity this is maybe 7-8 years). No big deal as my family needed to live in them but I bought a flat in Portugal at the same time for 187,500 euros and its worth 400k+ now.

My only regret is not putting more of my money out of the UK, faster.
 
Hook said:
Pensions are my biggest concern with Labour. I have a SSAS pension which I own different assets with, and I think by the time I cash them out i'll be getting hit with a big tax liability.

Country really is in free fall, no wage growth, increased taxes and they've kept the cap on income tax rate until 2030 (?)... if it is an option, people should just leave. I've been considering it all week.
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Good idea, unless you're of a certain age because if you have been a UK resident for 10 years and then become non-resident, your worldwide assets will remain within the scope of UK IHT for an additional 10 years from April 2025.

Although I suppose it's now the new normal to drop dead at 28 from "climate change-induced myocarditis", so likely impacts a fair chunk of people.
 
These are some of the other things that Rachel Reeves has in previous years aired as goals.

(From order-order.com site)

With four more Halloween budgets to come, here are some of the spookiest headline measures that Reeves recommended:

  • Cap ISAs with a lifetime limit and reduce the annual cap to £15,000.
  • Replace inheritance tax with a lifetime Gift tax.
  • Hike capital gains tax to income tax rates.
  • Halve the annual capital gains tax allowance.
  • Overhaul council tax and replace it with a property tax that directly impacts property owners.
  • Introduce a global wealth tax.
  • Introduce a land tax.
  • Give “English cities, towns and counties” the ability to raise taxes. Not to lower them…
  • Set up municipal energy production and pension schemes.
  • Limit higher-rate pension contribution reliefs and require that 20% of all contributions be invested in job-creating opportunities.
  • Raise taxes on savings and investments of high earners.
  • Force companies to report their pay ratios and the “differential between their highest and lower paid workers” in order to link this to the level of corporation tax they pay. Bye bye companies…
Click to expand...

This ain't stopping anytime soon
 
Marek said:
Yeah I'm not putting anything in a uk pension cos I fully expect those to be raided at some point. I'm in my 40's with zero uk pension whatsoever but I don't care. I've bought a few properties abroad instead and I can rent them all out and live till I'm 100 if I want to, I won't need a UK pension.
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I put my money into S&S ISA > S&P 500 ETF, that'll be my retirement fund and I'll be able to withdraw on it tax-free for the rest of my life.
 
ben said:
Ahem untested COVID vaccinations developed in a state funded competition to billionaire pharmaceutical companies ahem
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They didn't skip any testing, but we can't see the test results cause it's "commercially sensitive". It's old tech that's been used before, it's not new, but it is new and it's perfectly safe and effective, but we've given legal immunity to the companies. If you don't have it, you're killing people, but it doesn't stop the spread, it doesn't even stop you getting it! If you express any thoughts about not wanting it, you're anti vax.

Enjoy your 6th booster peeps 😂.

I'll never forget walking into a restaurant and being treated like a lepper/weirdo cause I said I didn't have the shitty NHS app, the man-child in there looked at me like some kind've freak - he said "well the app's been out for months"... I was made to sign a register as an alternative way on the way in, where everyone could see everyone's names and phone numbers. I put my subtly altered number and name down and he just left it for everyone to see. I'm not usually a GDPR freak, but this time cause he had treated me like a tit and he had left the list of names and phone numbers so that anyone could just see it, photograph it or steal it - I said, do you want to put that stupid list behind the counter at least.

I'm sure it was disposed of appropriately and wasn't sold online for pennies or fed indiscriminately into their database for marketing purposes.

People would have us doing stupid shit at the drop of a hat, especially kids that know no better....

No, I didn't download the moronic app that will tell me whether or not I can leave my own house. I never will.
 
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