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B1068 – Reduction of Living Cost Bill 2016 watch

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    B1068 – Reduction of Living Cost Bill 2016, TSR Government
    A

    B I L L
    TO

    Reduce the cost of house purchases for first time buyers and lower living costs for the masses.

    BE IT ENACTED by The Queen's most Excellent Majesty, by and with the advice and consent of the Commons in this present Parliament assembled, in accordance with the provisions of the Parliament Acts 1911 and 1949, and by the authority of the same, as follows:—

    1 Abolition of VAT on energy bills
    Value Added Tax on commercial and residential energy bills is hereby abolished.

    2 First time buyer stamp duty threshold
    (1) The stamp duty threshold for first time buyers is hereby increased to £675,000.
    (2) A first time buyer for the purposes of this Act is defined as a person who has not at any time owned a property.

    3 Short title, commencement and extent
    (1) This Act may be cited as the Reduction in Living Costs Act 2016.
    (2) This Act comes into force on 1 April 2017.
    (3) This Act extends to England.

    Notes
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    Abolition of VAT on energy bills
    This government believes that the consumer is unfairly burdened with taxation and that the economic merits of taxing a component of aggregate demand are questionable at best, as such this government believes that abolishing VAT on energy bills will represent a great step forward in not only aiding hard working families but that positive economic effects will be generated.

    53 million energy customers for the big 6 in 2012.
    Average energy bill of £1344 per year.
    VAT at 5%.
    Estimated cost: 3.5bn

    Abolition of Stamp Duty for first time buyers (to £675k)
    Each year there are around 310,000 first time buyers entering the market (though this figure has been slowly falling year on year). These aspirational citizens making their first home purchase are not only purchasing a roof over their heads but they are purchasing a degree of financial security and this government is firm in its commitment that home ownership is not just for the few but for the many. In light of this commitment and the slowly falling levels of home ownership this government has decreed that those making their first home purchase should no longer be burdened by taxation on this important purchase whether in London or Glasgow, as such we have taken the decision to raise the stamp duty threshold to £675k for first time buyers.

    310,000 first time buyers.
    Stamp duty levies of 2% and 5%.
    Estimated Cost: £3.4bn
    Total Cost: £7.9bn
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    So where is this £8bn coming from?
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    (Original post by Aph)
    So where is this £8bn coming from?
    Ummm, 3.4+3.5=7.9?
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    Is this a mini-budget?
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    (Original post by Jammy Duel)
    Ummm, 3.4+3.5=7.9?
    Ummmm you ever heard of rounding?
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    (Original post by Aph)
    Ummmm you ever heard of rounding?
    7.9 rounding to 8, so then you get instead ~3.4+~3.5=~8

    Wait, wut? Yeah Rakas isn't exactly unknown for trivial errors
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    Aye
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    Aye.
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    Saracen's Fez, can I ask why this Bill was accepted when the entirety of its content can also be found in the rejected Finance Bill?

    Needless to say, nay.
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    Aye from me .. There should be no VAT or Any type of tax on energy bills and i would like to extend that to water bills to
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    (Original post by hazzer1998)
    Aye from me .. There should be no VAT or Any type of tax on energy bills and i would like to extend that to water bills to
    Agreed
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    Abolishing stamp duty won't help people who can't afford to get onto the property ladder. The single biggest living expense for most people is accommodation - I would much rather the Government used this £8bn to build more social housing and bring in proper rent controls.
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    Aye
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    (Original post by TheDefiniteArticle)
    Saracen's Fez, can I ask why this Bill was accepted when the entirety of its content can also be found in the rejected Finance Bill?

    Needless to say, nay.
    If you want the frank answer, it's the end of term and the finance bill was forgettable.

    There's little point in me doing anything other than letting debate continue now though really.
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    Definitely support this.
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    (Original post by Snufkin)
    Abolishing stamp duty won't help people who can't afford to get onto the property ladder. The single biggest living expense for most people is accommodation - I would much rather the Government used this £8bn to build more social housing and bring in proper rent controls.
    The last Labour-Liberal Government saw a massive increase in social housing.


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    (Original post by PetrosAC)
    The last Labour-Liberal Government saw a massive increase in social housing.


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    Not enough.
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    (Original post by PetrosAC)
    The last Labour-Liberal Government saw a massive increase in social housing.

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    You never actually put the bill out, only in your SOI.
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    (Original post by Rakas21)
    You never actually put the bill out, only in your SOI.
    Surely it is non-legislative so passes with the SOI?
 
 
 
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