-I would propose paying higher income tax to make up any shortfall
If stamp revenue is decreased the govt still need to collect the same amount of money using a different method.
The seller is the person who has the money in his hand when the sale closes and therefore is the person that is in a better position to pay the tax.
Murt
If stamp revenue is decreased the govt still need to collect the same amount of money using a different method.
But what about all those who plan to trade down in their retirement? They would be severly affected and end up paying potentially far more tax.
What about them. Why do you think they deserve preferential treatment, just because they are older? That's no justification. They have presumably reared their family and have had the use of their large property over the years. Now as it is they don't have to pay any CGT on the increased value of their house so the Govt might as well hit them with stamp duty, which would be far less than they would have to pay, if they were paying CGT.
Murt
It's simple. They don't trade down. With this crazy tax they stay in the big house, heat only the rooms they need and use the money they saved on not paying SD to maintain it.
My parents are doing it. Meanwhile young families that actually need a big house can't afford one because there are not enough on the market.
With this tax in place the rule is: Buy and never sell.
It's not punitive, because most people factor it into the cost of the house imo - or at least they used to, no, imo the problem is that you don't want to pay 40K stamp duty this year and then find that this time next year that bill would have been substantially smaller, that's perfectly understandable, for that I blame those muppets in the PD's and now FG - have they no understanding of the economy at all?? Parties should have taken a decision for the greater good not to discuss stamp duty, but then I suppose the media wouldn't allow that - has the Indo actually started a campaign to abolish it (i think someone told me that recently)?The only thing stopping me is the fact that I will have to pay maybe circa 40,000 stamp duty to buy a property in the 500k range@ 7.5%. This, I have no intention of doing. It is too punitative to even contemplate!!!
This is obviously a complicated issue and no doubt smart minds have burned some midnight oil over it for govs and various economic thinktanks.
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