i.e. why do you get taxed when buying a house?
2006-11-28 01:23:40 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
When Stamp duty was first brought in, it was targeted at very wealthy people buying very expensive homes, and was a way for the government to profit from the rise in house prices. Unfortunately, the government haven't raised the threshold as fast as house prices have skyrocketed. This means that people in London in particular end up paying thousands of pounds in stamp duty, even on very basic homes.
It is unlikely the gov't will change this now because they make so much income from it. It hits first time buyers the hardest, but unfortunately there is nothing that can be done to avoid it.
2006-11-28 01:41:36 · answer #1 · answered by Jayne 1 · 1⤊ 0⤋
As per your statement you are not possessing the house and you are repaying the loan. As per Income Tax Act 1961 repayment of house loan principal is allowed to be deduction U/S 80C And Interest portion paid and accrued U/s 24 for house is occupied and used for general residence.As such your repayment amount is Pre Occupation is allowable to be apportioned 20% every year. An amount of stamp duty/registration etc. are alloewd for deduction U/S 80C. And you can have the benefit singally or for both.
2016-05-22 22:05:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
its stupid tax. we should protest. i work, and from my income i pay taxes for NHS, pension, bla bla bla, national insurance number, and damn who knows what else.
so why i have to be taxed AGAIN from my left over money when i buy a house to live in?
i mean its not fair. after i buy the house i will pay council tax that covers my duty for the garbage, streets and others.
so why is this tax?
2015-06-18 15:57:05 · answer #3 · answered by John 1 · 0⤊ 0⤋
Its disgusting to have to pay yet again another tax, this could help towards something in your new house. We have already payed tax on our wages.. Its so wrong.
2015-07-21 02:45:49 · answer #4 · answered by Gail 1 · 0⤊ 0⤋
Just another scam by the government to collect revenues
2006-11-28 04:29:54 · answer #5 · answered by JJ 7 · 0⤊ 0⤋
We pay tax on almost everything.
2006-11-28 02:22:54 · answer #6 · answered by Petra 2 · 0⤊ 0⤋
The government wishes to tax you on EVERYTHING!
2006-11-28 01:31:23 · answer #7 · answered by ehc11 5 · 0⤊ 0⤋
post office
2006-12-01 05:05:34 · answer #8 · answered by joe l 2 · 0⤊ 0⤋
I don't know but it sucks big time!
2006-11-28 01:31:22 · answer #9 · answered by danny w 2 · 0⤊ 0⤋