The Autumn Statement…

So, Gideon is laying out his plans… couple of things that have caught my eye in the build up, the so called ‘google tax’ and the potential for a big stamp duty change for properties above £250k.

What I’ve picked up so far;

Global economic crisis of 2008: Labour’s fault. Coming global economic crisis: the world’s fault

It’s be a feel-good statement with less than 6 months till the next election.

The major headline I’ve seen is “£2bn for the NHS!!!”

Of course the small print says “£2bn will come from other departments within the Health Department”

which is akin to breaking into your kids piggy banks and then acting like you’re doing them a favour by giving it back.

25% Google tax.

There’s bound to be a way around it. That’s something the tax accountants and lawyers will be playing with for a while.

Got the source for that ?

World War One debt to be repaid

😯

stamp duty reform. about bloody time…

wwaswas – Member
What I’ve picked up so far;

Global economic crisis of 2008: Labour’s fault. Coming global economic crisis: the world’s fault

Funny, just heard a labour spokesman telling us that

‘Global economic crisis of 2008: worlds fault. Coming global economic crisis: Coalitions fault’

@Pies, the government’s confirmed £750m of the “new NHS funding” is old NHS funding moved to a new column in the spreadsheet but I don’t know about the rest.

By some accounts, the new funds just close the budget gap created by the government’s ongoing NHS funding freeze- NHS costs naturally increase year on year due to demographic and treatment changes but there’s been no funding to match that. So if that’s the case it’s essentially a trumpeted fix, for a hole they’ve created themselves.

What about the Worldwide “spunking of the nation’s finances on vanity projects” crisis™ * ?

* the word crisis is a trademark of The UK Labour Party

25% Google tax.

There’s bound to be a way around it. That’s something the tax accountants and lawyers will be playing with for a while.

Yes, they can’t implement it until the G7/Worldwide agreement is in place maybe?

Finally, the Stamp Duty reform seems a perfectly sensible idea. Saying that, in my circumstances, my last house move would have cost an additional £340 under the new rules (£392k house) and given that the average house price is now something like £280,000 (according to Zoopla – England only) I do question how 98% of the population will be better off.

Do 98% own a house. Obviously a “miss speak”

and given that the average house price is now something like £280,000 (according to Zoopla – England only) I do question how 98% of the population will be better off.

I just did some quick sums and a 275k purchase would be ~4k less under the new scheme.

House purchases below £937,000 pay less, above more. By my calc around £499,999 it’s the same but then less at 500,000 as you don’t have the jumps

Top end stamp duty is up a lot
£1.5m old 5% new 6.25%
£2m old 7% new 7.8%
£5m old 7% new 10.6%
£10m old 7% new 11.56%
£25 old 7% new 12.13%

I just did some quick sums and a 275k purchase would be ~4k less under the new scheme.

Yeah, no doubt they will be better off, but I question that 98% of the population will be.

Do 98% own a house. Obviously a “miss speak”

He was referring to 98% of house buyers

Yeah, no doubt they will be better off, but I question that 98% of the population will be.

BBC says 98% of home buyers.

House purchases below £937,000 pay less, above more.

Hang on, I missed that there is no tax on the first £125k….

Gets calculator back out….

EDIT: I would be £2,160 better off now.

I think the other point of interest is there seems to have been “one in the eye” for Scotland. Northern Ireland will get control of corporation tax (and he hinted perhaps Wales to be announced shortly). However the Scots DO NOT get control of corporation tax just personal tax bands.

The World War 1 debt is a bond (famous in the financial markets and known as “The Warrior”) with no maturity (ie it never pays you back principal only interest) which had a historically low interest rate which actually looks high today as interest rates are so low. So it makes sense to redeem it. I am sure there will be many government bond dealers who will be nostalgic for the loss.

Hope none of you guys are trying to buy a house just below 250k or 500k

jambalaya – Member

I think the other point of interest is there seems to have been “one in the eye” for Scotland. Northern Ireland will get control of corporation tax (and he hinted perhaps Wales to be announced shortly). However the Scots DO NOT get control of corporation tax just personal tax bands.

But of course, after all we are better together. And remember, it’d be completely impossible for different parts of the sterling currency union to diverge on fiscal matters 😉

Hope no of you guys are trying to buy a house just below 250k or 500k

But you’d pay the same or less – this is good news (unless the seller decides to jack up the asking price which is very possible)

below 250k is no change or less? used to be 1% every up to 250k, now 2% on the 125k-250k band.

Can someone tell me the new figure on a £300k purchase please ?

The stamp duty thing of 98% better off comes from the Treasury. Does this affect Scotland with immediate effect as they were planning to introduce something similar in April? So presumably this a sop to English voter while sticking it to the SNP at the same time. If you are a Tory win, win.

wooo hooo – stamp dutysaving for me and my buyer. Great news, thanks George!

Can someone tell me the new figure on a £300k purchase please ?

I think it’s £4k

EDIT: £2,750.

I am rushing and not thinking.

@weeksy £5k by my calc – first 250k is 2,500 plus 50k at 5% is another 2,500

(I am sad enough to have made a spreadhseet, needs full testing and verification of course 🙂 )

WTF ! That’s brilliant !

Woo HOO !!!!

whats the difference on a 325k purchase?

I think the other point of interest is there seems to have been “one in the eye” for Scotland. Northern Ireland will get control of corporation tax

Surely this is to enable N.I. to counter the Ireland corporation tax levels rather than having a go at Scotland?

new tax is 6,250 (vs prior of 6,500 ? 2% ?)

£1250 on first £250k (first £125k is exempt) + 5% on remaining £50k + £3750. (on £300k)

I THINK!

@dragin – yes I think so, I posted that on another thread, I admit I am guilty of a bit of a Scottish wind up ! It is interesting and quite material though, lets see what the SNP has to say

(unless the seller decides to jack up the asking price which is very possible)

Unless

Unless

Good luck with that

Houses at those levels the vendor was at a big disadvantage … no longer.

Reckon a 5% rise on those properties

Sovereign wealth fund for north of England shale gas proceeds!

That’ll upset the anti frackers… 😈

£325,000…

£1,250 + £3750 = £5,000

(basically it’s £1250 on first £250k, the remainder is taxed at 5% (but ONLY on the portion over £250k, not the whole amount as before).

@Ro5sey the stamp duty saving is less than 5% but I think you could well be proven right