When you buy a residential property for £300k you will be expected to pay about £5k in stamp duty alone. When added in with all the other costs that come along with buying a new house and selling your old house, it get’s to be a joke. What rubs salt into the wound is then how the conservatives are choosing to spend all our hard-earned money. The Government already collect tax on everything in our lives, and even though stamp duty percentage isn’t as large as a lot of estate agent’s cuts, it still stings when you’ve already stretched your budget on the house of your dreams.
Let’s hope that in the future stamp duty is abolished, I expect we would see a boost in the housing market and a consequent boost to the economy.
It might even make up for the reduced tax contributions from the lack of stamp duty. We have a government that are focused on increasing taxes in any way they can to fund their own, often luxurious lifestyles. I for one am not happy paying for any more MP’s extravagant expenses.
How do you feel about stamp duty? Are you sick of paying it? Do you want to see it abolished ?
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