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M441 - Motion on Stamp Duty Reform Watch

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    M441 - Motion on Stamp Duty Reform, TSR Green Party

    This House welcomes the banning of letting agents fees as an improvement to the rental market. For the purchase of property, this House feels that there should be some similar change, in the interests of equity. For first time buyers, the amount of money required upfront can be difficult to find, even for those who have saved and not been profligate.

    This House therefore calls for stamp duty to be reformed so that it is paid by the seller not the buyer. There is a differential between the purchase of a person's main home that they occupy, and one owned for buy to let. For the latter, any reform should easily be able to identify a property as such, and the higher rates remain.
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    I call on someone who understands this **** to please explain.
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    (Original post by 04MR17)
    I call on someone who understands this **** to please explain.
    Who knows?

    NAY.
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    I think I understand it but nay...I would welcome an abolition of SDLT or a replacement with a land tax but we have a bill coming out to that effect soon so stay tuned. Kudos for trying Greens
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    (Original post by 04MR17)
    I call on someone who understands this **** to please explain.
    You pay stamp duty as the seller not as a lump sum when you buy. So the amount you have to find as a first time buyer is less. Some of those selling houses are not buying another, or are downsizing, or indeed are doing so on behalf of a deceased person, and so it is less of an impact on them to have to pay the duty. Assuming the seller reflects the duty in the asking price.

    Details should this motion be passed would be part of a Finance Bill/budget.
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    Nay. The reason that charging letting agent fees to landlords is good is that it creates competition among letting agents as landlords are far more capable of shopping around than tenants are, and thus reduces abusive fees overall. You can't shop around on stamp duty, and this accordingly would not reduce the total price paid by a buyer including stamp duty.
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    (Original post by Gladstone1885)
    I think I understand it but nay...I would welcome an abolition of SDLT or a replacement with a land tax but we have a bill coming out to that effect soon so stay tuned. Kudos for trying Greens
    We? Who's we? You're not allowed to join a party or create legislation due to a ban remember.
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    (Original post by mr T 999)
    We? Who's we? You're not allowed to join a party or create legislation due to a ban remember.
    I presume he means that he will have legislation ready to submit to the party when his ban ends, in 4 days, and returns to the subforum.

    Kudos to the Greens - I'm very impressed with their output. Unfortunately, their views appear to be too complex for my small brain.
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    (Original post by mr T 999)
    We? Who's we? You're not allowed to join a party or create legislation due to a ban remember.
    Ah yes, that lovely highly-enforceable ban...
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    Order! This motion is in cessation.
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    This motion has entered division.
 
 
 
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