Topic: Call Off Duty

Bruce Ritchie

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.

Bruce Ritchie, chief executive officer, Residential Land