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229371 |
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229371 |
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229371 |
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Grant first time home buyers a tax opt out to allow them to save a deposit |
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Rising rents, transport costs, costs of living and rising house prices are leading to a generation of renters for whom owning their own home is a pipe dream due to the difficulty of saving up a deposit, even at 5%. A responsible tax opt-out scheme would alleviate this. |
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On a £24k PA salary, monthly tax and NI contributions amount to around £350. In less than 2.5 years this is £10K or a 5% deposit on a £200k home. This could be covered by the estimated £8bn EU net contribution saved by Brexit (320,000 people saving £25K PA)
To ensure the money goes towards home ownership, the tax saving could go into government ISAs which can only be used for home buying, capped at £30k, means tested, and a ban on using for buy to let, house flipping for profit etc. |
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2018-09-28T08:37:33.878000+00:00 |
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2018-11-02T13:41:27.202000+00:00 |
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