Budget 2017 - How does it affect you?

[Eyefor]

13 minutes ago, Mice! said:

Nah have to disagree with that one, on our forth house now, with a couple of rentals in-between. Each house has been a bit different a bit bigger, England Scotland and back to England, might have been nice to just do it once but then we wouldn't be where we are now.

only one wife though ? 

+1

[team tractor]

2 hours ago, Lloyd90 said:

Yes mate we are first time buyers - expensive in the city but there’s plenty of work around and more opportunities so here for a while. 

Mortgge would be more if we were so fortunate to have families who help such a huge way. 

This is the reality for lots of people though,  if your family can’t afford to give you a deposit you’ll struggle. 

I had 10k saved over 5 years but my house was only £105k  value about £180 now after 11 years. Then again I’ve extended it and rebuilt it . 

The same house 1 mile away is £300k almost . I’ll stick to traveling lol and a tiny mortgage  

small holding are over a million so it’ll be a while until I move  

Edited November 23, 2017 by team tractor

[Lloyd90]

2 hours ago, Eyefor said:

Hmmm...

Martin Lewis has put

If you're buying a higher value property you'll pay a different rate for different proportions of the property's price and they'll all add together to give the final stamp duty you pay. This works as follows:

• Up to £125,000 purchase price: 0% stamp duty
• £125,000.01 to £250,000: 2% (on that portion of the purchase price)
• £250,000.01 to £925,000: 5% (on that portion of the purchase price)
• £925,000.01 to £1,500,000: 10% (on that portion of the purchase price)
• £1,500,000.01+: 12% (on that portion of the purchase price)

For example, if you're buying a property costing £670,000, you'll pay £23,500 in stamp duty, made up of 2% of the portion of the property costing £125,000 to £250,000 (ie, £2,500) and 5% of the portion from £250,000.01 to £670,000 (ie, £21,000).

so if you buy a house up to £300K (£500K in "expensive areas) it bears no stamp duty for a first time buyer.

To me, that still reads that if you buy a house for £300+K (£500+K in expensive areas) - a first time buyer will still pay the full (old) amount ?

Just out of interest, if you buy combined domestic dwelling plus land in one transaction it is not fully "residential" - but becomes "mixed". Stamp duty 1%..... 

I’m sorry mate but that last bit you posted contradicts itself. 

First you say it’ll be stamp duty free, then you say they should pay the old amount? 

My interpretation of what Martin Lewis said was only for houses over £500k - hence his example. 

First time and normal buyers buying over £500,000 will get no tax duty exemption. 

First time buyers upto £300k will pay no stamp duty. 

First time buyers upto £500k (with no current indication of an expensive area) will pay no stamp duty upto £300k and then pay the old rate of 5% on any amount from £300,001-£500,000. 

Thats how I understand it and haven’t seen anything to say that the ‘expensive areas’ will be designated areas yet. 

[Winston72]

Stamp duty cut for first time buyers upto 300k, it wont help many in Yorkshire!! maybe the south east

[Laird Lugton]

 

You think it's currently bad in England, try here in Scotland. Now it's tapered so a £500,000 house gets the first £145,000 free, next £105,000 at 2%, next £75,000 at 5% and the last £175000 at 10%. But on that £500000 house you'll pay £23,500 in stamp duty.....whereas in England you'll pay £15,000.

 

Buy a £700,000 house and you'll pay £43,340 in Scotland and £25,000 in England. Hence the top end in Scotland is stagnating.

Edited November 25, 2017 by Laird Lugton

[JohnfromUK]

49 minutes ago, Laird Lugton said:

 

You think it's currently bad in England, try here in Scotland.

Scotland has a (local Scottish) government that is well 'left' of centre, so you would expect people who want higher end properties to be penalised; 

In addition, for much of Scotland, prices for a similar property to much of England are probably a little lower (though there will be exceptions in some areas).

Edited November 25, 2017 by JohnfromUK

[Lloyd90]

2 hours ago, Laird Lugton said:

 

You think it's currently bad in England, try here in Scotland. Now it's tapered so a £500,000 house gets the first £145,000 free, next £105,000 at 2%, next £75,000 at 5% and the last £175000 at 10%. But on that £500000 house you'll pay £23,500 in stamp duty.....whereas in England you'll pay £15,000.

 

Buy a £700,000 house and you'll pay £43,340 in Scotland and £25,000 in England. Hence the top end in Scotland is stagnating.

Wasn’t the problem with Scottish police paying VAT or something down to being run by the Scottish Government? 

Sure Hammond quoted “The SNP knew the cost ...” 

He still let them off though ... some would say they should sleep in the bed they made. 

 

[Laird Lugton]

13 hours ago, JohnfromUK said:

Scotland has a (local Scottish) government that is well 'left' of centre, so you would expect people who want higher end properties to be penalised; 

In addition, for much of Scotland, prices for a similar property to much of England are probably a little lower (though there will be exceptions in some areas).

Absolutely, and now that Labour is well left of centre the SNP are in danger of losing votes so are moving further left. But if you tax people more you change their behaviour, hence why the top end is stagnating. We were looking at moving but when we calculated the LBTT we decided to stay put, now if the income tax goes to silly proportions I'll be going part time.

[scolopax]

How will effect me, well I expect to see far more of our green and pleasant land disappear under bricks and mortar. I expect many more farmers will become extremely wealthy from selling productive farmland to folk who want to grow houses.

Edited November 26, 2017 by scolopax

[arm3000gt]

6 hours ago, scolopax said:

How will effect me, well I expect to see far more of our green and pleasant land disappear under bricks and mortar. I expect many more farmers will become extremely wealthy from selling productive farmland to folk who want to grow houses.

I think this. Every piece of land, near any sort of road has already been purchased and planning applications made near me. Most are rejected but only a matter of time before it gets passed. Apparently adding hundreds of houses to an already busy and stretched infrastructure makes no difference. Absolutely no need for new schools, doctors, roads etc, none at all.

As for the rest, the tax allowance increase will benefit me and the wife. 

[Ricko]

I don't think it will affect me at all. I don't drink or smoke. I'm not planning on moving house. I have to put fuel in the car regardless. I'll just do my usual thing of keeping my head down.