Stamp duty is not a proper property tax because it's only paid on transfer of the property. I'd quite happily abolish it in favour of a true annual valuation-based tax. Besides, it's quite easy to evade: have the property be owned by a shell company in an opaque jurisdiction. Sell the company.
Re:Let's build houses for people, not cars
by Scoundreller on Tuesday August 27, 2019 @10:50AM
(#20810138)
And it discourages/punishes people from moving to the right home for their changing family size/situation and changing job situation.
Instead people end up commuting longer distances.
Re:Let's build houses for people, not cars
by NeedMoreTea on Tuesday August 27, 2019 @10:12AM
(#20809751)
Stamp duty is only levied at sale, that is hardly the same thing as is usually understood by property taxes. Council tax is absurdly regressive (intentionally so).
- Easy capital access in the form of cheap buy to let mortgages. Easy access to leverage mean property out performs pretty much every other investment and much of the middle class can afford it.
- Lack of regulation on tenancies. Very very easy to kick people out and up the rents.
- General shortage. The uk simply doesn't build enough houses. This is made worse by many jobs existing primarily in London / many graduates not realising that there are opportunities outside of London.