Introduce banded recordal fees for house sale/purchases

recordal fee is currently less than 1% across the board. Introduce bands like the UK has for SDLT. These could range from for example the current percentage upto £250K, 2% or £250K-£500K and 3% above £500K.

It would still be a lot cheaper than SDLT in the UK

Why the contribution is important

Does not require a cut but generates revenue in a not unreasonable way for the Govt in the housing market. The amounts concerned still make the IOM market attractive but would generate reasonble sums of money

by Sentinel on April 05, 2017 at 07:40AM

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Comments

  • Posted by Gigabyte April 05, 2017 at 07:51

    The housing market is too depressed to take this at the moment
  • Posted by philiom7776 April 05, 2017 at 11:44

    Increased administration to raise extra cash doesn't really constitute a 'saving' does it. It may be regarded by some, if not many, as an additional 'stealth' tax for the current population. It certainly wouldn't stabilise the Manx housing market. Nonetheless, I understand fully where you're coming from but it's a bit like the price of chocolate Easter eggs at Easter when you've got 6 kids who love Easter eggs.
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