Topic: Call Off Duty
Stamp duty should not be a market ball and chain. Philip Hammond needs to adjust the thresholds to repair the double-whammy damage of Osborne’s obsession with taxing residential property and the Brexit effect.
Families and relocating owners are stuck in their homes and the volume of sales between £925,000 and £3m has fallen 40%.
Simple economics shows that the multi-billion fall in turnover has shrunk the wider tax benefits.
If we are to build more homes, they need to sell or the UK housing shortage will worsen.
I predict our chancellor will make sensible adjustments to the stamp duty land tax thresholds in 2017 to ensure market growth and new home construction in urban areas.