The Stamp Duty Impact On Posh Property And Workers.Posh Property with Celia Sawyer
With around 15,000 job losses in the last year connected with the house market slump in the top end, I decided to find out the truth about whether or not the rise in Stamp Duty was really losing the country huge sums of money or whether the figures published up until last week (when ours were published) were purely speculation.
Being an interior designer in the high-end sector of the market, the people I work with are all extremely important to me. The removal men, the painters and decorators, the gardeners, the electricians, plasterers, maintenance, furniture and carpet suppliers, builders, cleaners, stonemasons, carpenters, solicitors, estate agents, photographers,drivers and local retail have all suffered since the Stamp Duty rises have come into play with many of these hard working people losing their jobs and businesses.
Lowering the top end of stamp duty is not about looking after the rich….just look at all the people affected above and it is clear that this is far from the case.
The people who have stopped buying property in the housing market on over £1.5million homes, have kept many of the businesses above, afloat and successful for years by their continued employment. Not only that but the people in this property bracket also spend money on retail and in the hospitality trades, so this also affects restaurants, bars, and shops.
With all this in mind, I asked an experience partner and tax expert with 30 years experience to run the numbers to calculate the loss of revenue to the country.
Alarmingly after 8 weeks of calculations, which I need to add that the HMRC don’t even have these numbers yet, we found that the loss is catastrophic to the country at a staggering£300,000,000 to date (40% down) and should nothing change in this budget on March 8th and the government wait until the next budget in the Autumn, we are looking at an EXTRA loss of £370,000,000. The realisation is that there are no winners in this.
Not only do we have the job losses for many, and the future is bleak for many more if nothing changes soon, but we also have a deficit that could pay for 25,000 new NHS nurses. This amount of money could run 2 hospitals for a year, and it could also go into affordable housing.
I contacted the government and have spoken to 3 MPs and have their support, Jacob Rees-Mogg is one of those MPs. As yet Philip Hammond has not replied to me, and I
have now contacted the Treasury for an urgent meeting before it is too late for this budget… as yet to no avail!
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