PBR: Stamp duty needs to be reformed

Nia Williams

December 9, 2009

Commenting, he said: “The Chancellor missed an open goal with his statement.

“By ignoring the advice of much of the property industry there is a real danger that the property slump that has hit thousands of families hard over the past 12 months will hit thousands more, harder, in the year ahead.

“Stamp duty unfairly distorts the property market. It is prohibitive to people looking for a step up the housing market and unfairly penalises people investing in buy-to-let portfolios.

“As a first step the Chancellor should keep the stamp duty threshold as it is when the current holiday ends in December. More importantly, the Government should commit to a complete reform of the tax to produce something that is fairer for everyone.”

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