In the news

Mind you. The Met investigating 12 of the 16 parties is still not a good look.

It has at least been flagged as Update which may make it difficult to claim that's it done and dusted.

It would increase the number of people stuck in their first home (flat), no?

It depends.

• 2015 I buy a house for 500k
  2020 I sell house for 600k
  = 100k gross
  ...........
  Less 50k for loft extension
  Less 25k on maintenance and upgrades
  = 25k gain
  ...........
  x 18% (as a basic rate)
  = 4.5k tax
  ...........
  Factor in couples allowance of £24,600 and the total bill is.....?
  
  
  
  
  

^that's obvs without including cost of interest but I cba to Inc that on the fag packet calc

I'd imagine those with bonkers big houses can always let out a room to afford the taxes ;)

I'd let people defer it until they sell, although maybe with an interest charge

How about banning mortgages for second homes? I.e you can only buy a second home for cash.

I don't think the people buying £25million homes in Mayfair are using a mortgage.

But isn't a large aim of property tax to keep people moving and prevent the situation where you've got retired couples hogging all the family homes because they've got no incentive to downsize?

It's an aim, it isn't really what I have in mind. I want people with lots of wealth to contribute lots. Property tax is one of the more straightforward forms of wealth to tax because you can't move it, hide it etc.

There is still an incentive to downsize if you want your offspring to inherit with a smaller tax bill.

The other thing about an annual property tax is it could probably replace stamp duty which then makes buying and selling cheaper and perhaps more movement?

They definitely are.

Only poor people use their own money to buy things.

they've got no incentive to downsize

I think there are shit loads of incentives to downsize; the blocker is downsizing to what and where? There isn't the supply of efficient, reliable, modern small homes they need.

So your saying your solution to the housing crisis is to build more homes?

But what if they're going to be built where I live and I don't want any more neighbours?

Correct - borrow £25m at a low interest rate secured against £25m of your investment portfolio.

Pay 2% on the borrowed sum, while both your portfolio and your house are appreciating by >10% p.a.

France has that.

Not sure it makes a difference but I guess research from there may give information on how well it works.

But is that a 'mortgage' in the conventional sense?

Boris does not look like he's pleased.

And he's back to "Brexit, vaccines", nice

Cunt.

Lying, lazy, useless cunt.

Starmer going all in.

It will make no difference.

Very good from Starmer.

I don't think it's as good as Boris might have hoped. The details of the party in the No 10 flat are going to be particularly spicy

Starmer going all in.

It will make no difference.

This

Oh fuck, May with the backstab! That's gotta feel good for her

Et tu, Theresa! Fuck me.

Yup. She spent that last 20 minutes of bluster sharpening that one!

Blackford walking out after being admonished for telling the truth.