A property sector coalition is urging the Government to abolish in its current form the "anachronistic" Stamp Duty Land Tax, which it views as a "tax on aspiration".
According to the "1808 Coalition", Stamp Duty should to be reformed because its ‘slab' structure unfairly distorts the
An overwhelming majority of the
The current Stamp Duty "holiday" for properties lower than £175.000 is due to expire but 91 % of estate agents surveyed feel that it should be extended.
The 1808 coalition has been formed by the NAEA and ARLA to address the issue of "modernising" Stamp Duty in the run-up to the Pre-Budget Report. It is named after the year the duty was first introduced on
Peter Bolton-King, Chief Executive of the NAEA, said: "Stamp Duty is a barrier to entry for many first time buyers and is also prohibitive for those looking for a step up the property ladder. In addition, it unfairly penalises those investing in buy-to-let portfolios, who have to pay Stamp Duty on the bulk price when individual buy-to-let investors pay a lower rate on the individual unit price.
The time has come to re-assess
Stamp Duty was introduced for property sales in 1808 and has gone through a number of changes since then, most recently with the addition of next bands in 1997. As house prices have risen, Stamp Duty has become increasingly outdated, as the thresholds have not been raised in line with property prices.
Date: 14th, October, 2009
Author: Charmaine L. Horan
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