Owning your own home

What outcome are you looking for? We looked at doing similar, and realised that it conferred no particular advantages.

Possibly reducing capital gains if and when we sell the place

Also if having it in in joint names would adversely or positively affect mortgage renewal

One other thought - Income tax on earnings from the property too, if that's relevant.

Vis. mortgages, I expect that both financial histories credit records / earnings would then be taken into account, as opposed to just partner's.

It's possibly worth an IFA visit.

Possibly reducing capital gains if and when we sell the place

It's possible. Presume it's been rented? There were some tax reliefs based on rental periods that made it unattractive to change the ownership but most of those are gone now so Cap Gains might be the biggest one. But then it depends if you have other gains that year etc.

Also if having it in in joint names would adversely or positively affect mortgage renewal

Shouldn't make too much difference if you stick with the same lender. If you want to use another lender then it might, depending on your earnings and commitments.

Proper tax / accountancy person will know the full score.

yeah our completion is final week of July

@Tenderloin Me too.
Hopeful thinking here but if this was announced on Wednesday wouldn’t it have to come into effect pretty quickly to avoid paralysing the market? Otherwise loads of people would surely hold off where possible.

If the mechanism is the same as it is for first time buyers but just extended to everyone then it won't make any difference to you if you're buying over £500k.

I'd be surprised if they were doing a big fat giveaway for the London metropolitan elites and their spenny London houses.

I'd also be well fucking annoyed having just spent £24k on SDLT

I'd be surprised if they were doing a big fat giveaway for the London metropolitan elites and their spenny London houses.

Have you met the Tories?

I meet lots of them at Brexit rallies

Not buying over 500k so intrigued what will happen

What's been briefed to the press is zero % tax on below £500k which makes up 88% of all moves apparently. I think it's just pretty bizarre to announce the idea with the intention of stimulating the housing market but that it might not happen for 4m, causing everyone to sit on their hands and wait to buy

Full detail is on Wednesday right?

Shitty thing to do I think. If the SDLT system needs reform, then reform it, don't piss about with handouts.

It would be nuts to announce it but put it back by 3-4 months. You'd guarantee killing the market as everyone sat on hold waiting.

Unless (dons tinfoil hat) they're planning on a no deal Brexit and want to coincide a property sales bounce with leaving so that they can pitch it as a Brexit related housing win?

I think it would make people adjust pricing - going to make people very wary of pricing between 500-600k as you'd be under huge pressure to drop to 499. I also think this will paralyse sales below 500k until the cut comes in.

I think there's a lot of sales that are paralysed already.

Then what is the SDLT for a £501k sale? 3% of £1,000?

That's how I understand the proposal. Suppose we will see on Wednesday - it's just a bit of fucked thing to be briefing to press because it's a single, big outlay that you need in cash in a way that I cant think of anything else (cap gains?)

If right, it's an incredibly unfair distribution. There was talk about stimulus cheques of £500 per adult and £250 per child which is a much fairer way to give away a load of cash.

Really, how much of the economy will get motoring when people are saving £15k in cash on their house purchases? Will they immediately go and spend it in WH Smith and Dixons?

Thinking it through, it's fucking obscene. It's those without jobs or teetering on the furlough precipice we need to help right now, not those about to buy a house.

It's a stupid idea that no right minded economist could support. Unless they've skipped the experts part, and dragged trickle-down economics out of a 1970's school text book.

I don't disagree but if it's available I'm not going to say no.

Stamp duty strikes me as strange and could be quite easily improved upon. But there are many poorly thought through taxes so I don't hold any hope for it being improved upon

Hasn't all the talk been of a "holiday", ie a delayed or phased stamp duty rather than abolition?

£500 per adult and £250

thats my next bike sorted

Really, how much of the economy will get motoring when people are saving £15k in cash on their house purchases? Will they immediately go and spend it in WH Smith and Dixons?

Well, the richer people are, the smaller the percentage of their wealth that they actually 'spend', i.e. how they participate in the economy is that most of their wealth goes towards increasing their wealth.

The economy works by mutually beneficial exchange; the more only one side reaps a net benefit, the more the economy suffers, leading to the situation where the only thing people have left to give is their health.

Really, how much of the economy will get motoring when people are saving £15k in cash on their house purchases? Will they immediately go and spend it in WH Smith and Dixons?

It’s not that, it’s to keep people moving when otherwise they might stay put. When people stop buying houses, house prices fall which makes a lot of people feel poorer so they stop spending. One thing I’ve learned over the years is that governments will do almost anything to stop house prices from falling in nominal terms.

Plus people who move house then often start spending on building work, decorating, new furniture...

I get why they want to do it but this is real a position of privilege these people find themselves in.