Property Week is calling on chancellor Philip Hammond to reverse damaging reforms to stamp duty land tax - find out how you can get involved
HM Treasury has responded to Property Week’s Call Off Duty campaign this week acknowledging industry concerns - as leading industry figures announced they have commissioned research to put the case for reform.
Leading opinions on stamp duty
In a 12-month period that has brought us not just Brexit but also US president Donald Trump, the government’s housing white paper was never going to set the media world alight.
Backed by stronger-than-expected tax receipts, the chancellor has an opportunity to support property developers and investors by removing tax barriers that are blocking development and putting tenants at risk.
The clamour of voices calling for urgent change to the business rates regime ahead of 1 April, when the new ratings list comes into effect, reached such a crescendo this week that it looks pretty nailed on that there will be some sort of announcement in the Budget on 8 March.
This white paper is far from the radical overhaul of housing policy that was promised (10.02.17).
As evidenced by three Fizzy Living schemes falling through as a result of the stamp duty surcharge, government changes are hitting buy-to-let (BTL) investors hard.
In my opinion, the stamp duty increases made by George Osborne were largely politically motivated and one suspects that the present government is concerned that in reducing stamp duty, particularly for the more expensive properties, they will be criticised for helping their rich friends.
I am delighted that Property Week has launched its Call Off Duty campaign. Recent changes to stamp duty land tax (SDLT) on both the residential and commercial fronts have affected investor confidence and the ability of our industry to play its part in housing our country’s people and businesses
Property Week’s Call Off Duty campaign to convince the government to revisit George Osborne’s damaging changes to stamp duty has got off to a flying start, with key figures in the industry pledging their support.