25
Nov
Suspend all stamp duty, says property portal
The government has been urged to suspend stamp duty altogether for
12 months to help the housing market.
Property portal propertyfinder.com has argued that this will help
bolster the level of spending made on housing and associated
economic activities such as the buying of furniture, plus work for
solicitors and removal companies.
Head of research Charles Wasdell pointed to the projected fall in
income from £6,680 million in this financial year to
£2,753 million next year as evidence that revenue to the
government from the purchase tax will be just a "drop in the ocean"
compared to the extra borrowing being undertaken.
He added: "We call on the government to scrap stamp duty on
residential property completely for at least the next year to
encourage people to begin moving home and spending their
money."
A similar call for a suspension of the levy was made last week by
the National Association of Estate Agents.
