Influential thinktank calls for Stamp Duty to be reformed or abolished

first_imgHome » News » Housing Market » Influential thinktank calls for Stamp Duty to be reformed or abolished previous nextHousing MarketInfluential thinktank calls for Stamp Duty to be reformed or abolishedCentre for Policy studies was set up by Margaret Thatcher and now says Stamp Duty is restricting mobility and aspiration for millions of people.Nigel Lewis28th October 201901,061 Views A political think tank founded by Margaret Thatcher has called on Boris Johnson to follow up on his promise to scrap Stamp Duty on all purchases below £500,000 and labelled the levy a ‘tax on mobility and aspiration’.The comments are made within a report published over the weekend by the Centre for Policy Studies (CPS) written by Alex Morton, a former advisor to David Cameron.Called ‘Stamping Down’, it claims that the duty acts as a barrier to people living in the kinds of homes they need and ‘having a serious impact across the economy’.The report highlights the slow rise in Stamp Duty since 2005. Then it was £1,585 per transaction but has subsequently risen to a median figure of £2,400. London has been hit the hardest, where it has risen from £2,324 to £13,500 over the same period.Morton’s report suggests abolishing Stamp Duty outright or raising the zero-rate barrier from £125,000 to £500,000, as Boris Johnson suggested during his Premiership campaign.Transactions riseAbolishing the tax would see transactions rise by 25% to 990,875 while raising the threshold would see them increase by 22.3% to 968,000, the report claims.As well as raising the threshold to £500,000, the report also suggests levying a 4% duty on homes between £500,000 and £1 million and 5% on those over £1 million.“While the Treasury is right to be fiscally focused, they need to take into account the fact that stamp duty on homes has an impact on transactions, which means cutting this tax is cheaper than expected,” says Alex Morton (pictured, top).Read more about Stamp Duty.Alex Morton Centre for Policy Studies Margaret Thatcher sdlt stamp duty October 28, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img

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