Wednesday, 13 November 2019

Think tank calls for major stamp duty cut

Think tank calls for major stamp duty cut

A THINK tank has called on the government to drastically reduce or abolish stamp duty in order to encourage house building and enable more people to buy their own homes.

A new report by the Centre for Policy Studies claims that stamp duty has effectively put a handbrake on the UK property market.

The report calls on Boris Johnson to include a pledge to reform stamp duty in the Conservative Party’s next general election manifesto.

During his campaign for the Conservative leadership earlier this year, Mr Johnson suggested that a government led by him could remove stamp duty from properties worth less than £500,000.

The Centre for Policy Studies has in turn suggested that the levy is either abolished or reduced under a new system that would see a charge of four per cent imposed on properties valued at over £500,000 and five per cent on those over £1millon.

Stamp duty is the second most unpopular tax in the UK after inheritance tax, with buyers paying an average of £2,300 when they purchase a property.

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