'"> ');

Author Topic: An alternative to Stamp Duty Land Tax  (Read 10320 times)

0 Members and 2 Guests are viewing this topic.

Philofacts

  • Global Moderator
  • Senior Member
  • *****
  • Posts: 454
  • Country: england
  • New Home Expert
    • Brand New Homes
An alternative to Stamp Duty Land Tax
« on: October 12, 2011, 10:13:01 am »
Up to a quarter of homes of a £1 million or more are thought to be purchased 'off-market' to avoid paying the 5% Stamp Duty.
Holding UK properties through offshore companies also has potential for avoiding Capital Gains Tax.

The Institute of Fiscal Studies (IFS) has suggested scrapping Stamp Duty and revising Council Tax.  A house worth £320,000 in 1991 currently pays the same Council Tax as a house worth £30million.
Under the suggested new IFS system, Council Tax would be around 0.6% of current values.
This would mean that most people would not face any rise in Council Tax under the new system.
Make a Donation - If you found the information and advice helpful.
The premier information website for the UK new home buyer.