Sajid Javid disputes latest stamp duty reform claims
Chancellor of the Exchequer Sajid Javid (pictured) has disputed speculation that stamp duty will be scrapped for buyers and will be the sole responsibility of sellers.
In an interview with The Times, there were claims that Javid planned to shift stamp duty from buyers.
However Javid tweeted shortly after the interview went live refuting the claims, saying he would “not support” such action claiming: “More speculation about stamp duty this morning.
“To be clear I never said to [The Times] I was planning to put it on sellers, and I wouldn’t support that.
“I know from [Ministry of housing, communities and local government] that we need bold measures on housing – but that isn’t one of them.”
Javid has suggested that he is looking at reforming the tax to support first-time buyers.
Any tax reform and fiscal matters are set to be published in the next budget which is due in autumn.
Nick Sanderson, chief executive of Audley Group, said: “Shifting stamp duty to sellers would be a catastrophic error.
“The potential positive impact on first time buyers would be completely wiped out by the lack of available housing stock.
“Piling more financial burden on the seller would create a barrier to movement in the market, and exacerbate the UK’s existing under-occupation problem.
“It would be a major brake on downsizing which is so critical to increasing transaction levels.
“Yet more new homes would be needed, placing strain on green belt areas.
“Let’s hope that Mr Javid is speaking the truth when he says he won’t go down this route, for the sake of both the economy and the environment.”