Introduce a Home Ownership Savings Account with tax relief for first-time buyers
Introduce a Home Ownership Savings Account with tax-relief for first-time buyers, allowing them to save part of their pre-tax income in a ring-fenced account for a home buying deposit. Funds could then be taxed only if withdrawn for non-eligible use.
React
Where do you stand on this motion?
See what others are saying
Members can read every reason.
Similar motions
Keep Lifetime ISA for retirement savings & make a new ISA for first time buyers
I urge the Government to keep the current Lifetime ISA for retirement savings and reconsider scrapping or reforming it. We believe it is not a complicated product for those who use it to save for their future retirement and that first time buyers seem to be the ones having issues.
Increase the current Personal Savings Allowance (PSA) from £1000 to £3000
Increase Personal Savers allowance to £3000. We think £1000 is a very low rate at which to start taxing the interest on people’s savings, this needs to be changed as most of savings has already been taxed, it’s totally unfair, no incentive to save up.
Increase the personal tax allowance for single adult households to £15,000
Revise the tax free allowance for single adult households increasing from £12,570 to £15,000.
Abolish stamp duty for cohabiting couples who split & buy share of co-owned home
If a cohabiting couple split up & one party would like to buy the other out of the family home to remain & create stability for children etc then stamp duty is liable on any share of the house bought from the leaving party & the mortgage debt taken on. Married couples do not pay this tax.
Increase the personal tax-free allowance to £26000
With the cost of living still high, we believe there’s strong cross-party and public pressure for tax relief.
Introduce a Home Ownership Savings Account with tax relief for first-time buyers
Introduce a Home Ownership Savings Account with tax-relief for first-time buyers, allowing them to save part of their pre-tax income in a ring-fenced account for a home buying deposit. Funds could then be taxed only if withdrawn for non-eligible use.
React
Where do you stand on this motion?
See what others are saying
Members can read every reason.
Similar motions
Keep Lifetime ISA for retirement savings & make a new ISA for first time buyers
I urge the Government to keep the current Lifetime ISA for retirement savings and reconsider scrapping or reforming it. We believe it is not a complicated product for those who use it to save for their future retirement and that first time buyers seem to be the ones having issues.
Increase the current Personal Savings Allowance (PSA) from £1000 to £3000
Increase Personal Savers allowance to £3000. We think £1000 is a very low rate at which to start taxing the interest on people’s savings, this needs to be changed as most of savings has already been taxed, it’s totally unfair, no incentive to save up.
Increase the personal tax allowance for single adult households to £15,000
Revise the tax free allowance for single adult households increasing from £12,570 to £15,000.
Abolish stamp duty for cohabiting couples who split & buy share of co-owned home
If a cohabiting couple split up & one party would like to buy the other out of the family home to remain & create stability for children etc then stamp duty is liable on any share of the house bought from the leaving party & the mortgage debt taken on. Married couples do not pay this tax.
Increase the personal tax-free allowance to £26000
With the cost of living still high, we believe there’s strong cross-party and public pressure for tax relief.