Stamp Duty should be scrapped below £250,000

Sarah Davidson

December 4, 2014

However she backed Chancellor George Osborne’s efforts to make Stamp Duty more progressive and claimed the reforms will only improve the current market.

Platt said: “We would have liked the reform of the system to go further and have been calling on the government to scrap Stamp Duty for properties under £250,000, which would have a small impact on tax receipts as only 13% of Stamp Duty comes from properties worth less than £250,000.

“The new Stamp Duty system is likely to attract more homebuyers to the market and so for those who are thinking of selling their property, there has never been a better time.

“Equally for buyers, a stable interest rate environment and the availability of a range of attractive mortgage products, means that now is an ideal time to purchase a home.”

She added: “We welcome the government’s decision to implement a progressive and fairer Stamp Duty Land Tax system, enabling more people throughout England and Wales to buy their first home or move up the housing ladder.”

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