2009 Budget summary for Property Investors PDF Print E-mail
Blog and News - Property Investment
Written by John Angeletta   
Saturday, 25 April 2009 20:18

No Stamp Duty payable on transactions up to £175,000 - extended until the end of the year.

Support for Mortgage Interest scheme, which covers mortgage interest payments for those who have lost their jobs, extended for further six months.

The major UK banks will increase the availability of mortgages by around £20bn this year.

Mortgage-backed securities guarantee scheme, based on the recommendations of Sir James Crosby, introduced from today following State Aid approval.

£80bn more for funding HomeBuy Direct shared equity scheme.

Restriction on pension tax relief for those with incomes in excess of £150,000, gradually tapered to the 20% rate.

New income tax band of 50% for those earning in excess of £150,000 (April 2010).

£500m package to help housebuilders kickstart stalled housing projects.

A report on the reform of regulation to be published by the Treasury shortly, to improve regulation of capital and liquidity so that banks do not overstretch themselves and to strengthen regulator powers.

Increase in the ISA limit to £10,200 (for the over 50s from this year), and for everyone else next year. Of the new limit, £5,100 can be saved in cash only.

Comments

avatar Burney
0
 
 
I cant help feeling that what they should do is take say £100billion (a relatively modest sum given whats been wasted already) and pay it evenly divided between UK resident taxpayers... but repaying any unsecured debts or mortgage arrears from the sum before it is passed on to the taxpayer. That would mean that most taxpayers had a lot less debt, all lenders had a lot more money - because of the repayment of debts not some government handout - a lot less Toxic debt... and a lot less clients.

That should both motivate and enable them to lend again, rationally in the light of recent events.

There would then be inflation, but at least retired people or those on fixed incomes would have had their share in this bounty... and most of what we are attempting will be inflationary anyway.

Seriously, if Banks mess up securitisation, why should we respond by giving them £500billion of incredibly cheap loans on the taxpayers expense?
Thursday 04 June 2009, 13:57
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