Food for thought - what a rip off - SV650.org

20-12-06, 03:46 PM

When I complete the purchase of a property for a client I have to send the stamp duty off to the Inland Revenue within 30 days, else I get clobbered with an automatic fine of £100 on top of the stamp duty.

Today I have completed on five purchases. Busy, because it's just before Christmas. But not exceptionally so, I often have 5 completions on a Friday.

Shrewsbury is not an expensive area, not by any means, not compared with London and the south east. You can buy a typical 1930s 3 bed semi in a good area here for around £220K, and a smaller modern one for around £190K. I've bought a 4 bed detached today for a client on a private estate in a very nice area for £310K.

Thought you might be interested in how much I'm sending to the Government today. Total duty on the five is £26,495. I'm just a small practice. Just think how much bigger firms send in. And then multiply that by the number of towns in the country.

What I want to know is - where does all this money go? Schools and hospitals? - oh it sucks.

Stamp duty is iniquitous, it stinks. There's no justification for it, and it disappears without trace.

20-12-06, 03:51 PM

you know that guy we call the "prime minister" well you know his wife, it pays for her plastic surgery so she can always smile with that idiotic demented smile despite living with that w*nker.

I'm poor and so my house didn't come into the stamp duty bracket... hoooo bloody rah!

20-12-06, 03:55 PM

It's disgusting, pretty much any transaction where money changes hands the goverment has to take a cut.

They even get you when you die. My dad wasn't even cold before the IR came sniffing round.

20-12-06, 03:58 PM

Ed, as you know, I have been plying a similar trade for 20 years or so.

I totally agree. For this week, well over 100K in duty sent.

20-12-06, 04:02 PM

get rid of it and we'll have to be taxed on something else. swings and roundabouts.

ps thats not me saying it's right btw

20-12-06, 04:05 PM

Bit like Inheritance Tax........Daylight Robbery!

20-12-06, 04:08 PM

How much tax do we pay in comparison to the rest of Europe ? and how does the level of education/healthcare/public transport etc compare ?

I suspect we pay more and receive a worst service in return.

20-12-06, 04:09 PM

Quote:

Originally Posted by DanDare

Bit like Inheritance Tax........Daylight Robbery!

Agreed. You can avoid some IHT as long as you box clever. Like holding a property as tenants in common, for starters.

20-12-06, 04:14 PM

Quote:

Originally Posted by Ed

Quote:

Originally Posted by DanDare

Bit like Inheritance Tax........Daylight Robbery!

Agreed. You can avoid some IHT as long as you box clever. Like holding a property as tenants in common, for starters.

This is true... but the problem with it is you have to have heavy conversations with people who, quite understandably, don't want to think about it.... and why should you, it should all go without saying. It is an avoidable case of 'if only' .... completely wrong and yet very rarely discussed in the public eye.... it is criminal and cruel.

I have discussed this issue with my parents, and they agree they will sort it out with us, but how many times can you mention it without looking as though you are a grabbing g*t!

20-12-06, 04:23 PM

My boss' wifes grandparents owned a market stall down near where I live.. and her grandfather use to keep a fair share of the takings under the bed as it were.... as all the takings were in cash...

well, some burgalars decided to break in, and hold her grandmother hostage until her grandad got back.. they beat several shades into him,broke one of his arms, even though they gave the money over, and took the jewelry as well......

well get what Mr Tax man did ? as he had over £20K stollen off him, as well as jewelry... as thats what he had told the police how much was stolen.. the tax man sent him a bill for the tax on said money, as well as giving him a tax enquiry before even the bruises had started to come out.... and had to prove how/where he had bought most of the contents in his house.... now, the insurance company wouldnt pay out, as that amount of money shouldnt have been kept there for starters... but the Tax man threatened to take his house off him as well...

so even when you have had several shades of poo knocked out of you and robbed.. watch out the tax man doesnt come after you...

20-12-06, 03:46 PM	#1
Ed Guest Posts: n/a	Food for thought - what a rip off When I complete the purchase of a property for a client I have to send the stamp duty off to the Inland Revenue within 30 days, else I get clobbered with an automatic fine of £100 on top of the stamp duty. Today I have completed on five purchases. Busy, because it's just before Christmas. But not exceptionally so, I often have 5 completions on a Friday. Shrewsbury is not an expensive area, not by any means, not compared with London and the south east. You can buy a typical 1930s 3 bed semi in a good area here for around £220K, and a smaller modern one for around £190K. I've bought a 4 bed detached today for a client on a private estate in a very nice area for £310K. Thought you might be interested in how much I'm sending to the Government today. Total duty on the five is £26,495. I'm just a small practice. Just think how much bigger firms send in. And then multiply that by the number of towns in the country. What I want to know is - where does all this money go? Schools and hospitals? - oh it sucks. Stamp duty is iniquitous, it stinks. There's no justification for it, and it disappears without trace.

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20-12-06, 03:51 PM	#2
454697819 Guest Posts: n/a	you know that guy we call the "prime minister" well you know his wife, it pays for her plastic surgery so she can always smile with that idiotic demented smile despite living with that w*nker. I'm poor and so my house didn't come into the stamp duty bracket... hoooo bloody rah!

20-12-06, 03:55 PM	#3
tricky Guest Posts: n/a	It's disgusting, pretty much any transaction where money changes hands the goverment has to take a cut. They even get you when you die. My dad wasn't even cold before the IR came sniffing round.

20-12-06, 03:58 PM	#4
Steve H Guest Posts: n/a	Ed, as you know, I have been plying a similar trade for 20 years or so. I totally agree. For this week, well over 100K in duty sent.

20-12-06, 04:02 PM	#5
keithd Guest Posts: n/a	get rid of it and we'll have to be taxed on something else. swings and roundabouts. ps thats not me saying it's right btw

20-12-06, 04:05 PM	#6
DanDare Guest Posts: n/a	Bit like Inheritance Tax........Daylight Robbery!

20-12-06, 04:08 PM	#7
tricky Guest Posts: n/a	How much tax do we pay in comparison to the rest of Europe ? and how does the level of education/healthcare/public transport etc compare ? I suspect we pay more and receive a worst service in return.

20-12-06, 04:23 PM	#10
valleyboy Guest Posts: n/a	My boss' wifes grandparents owned a market stall down near where I live.. and her grandfather use to keep a fair share of the takings under the bed as it were.... as all the takings were in cash... well, some burgalars decided to break in, and hold her grandmother hostage until her grandad got back.. they beat several shades into him,broke one of his arms, even though they gave the money over, and took the jewelry as well...... well get what Mr Tax man did ? as he had over £20K stollen off him, as well as jewelry... as thats what he had told the police how much was stolen.. the tax man sent him a bill for the tax on said money, as well as giving him a tax enquiry before even the bruises had started to come out.... and had to prove how/where he had bought most of the contents in his house.... now, the insurance company wouldnt pay out, as that amount of money shouldnt have been kept there for starters... but the Tax man threatened to take his house off him as well... so even when you have had several shades of poo knocked out of you and robbed.. watch out the tax man doesnt come after you...