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Estate agents bid to abolish stamp duty
Thursday, 15 October 2009
Stamp duty is an “anachronistic” tax on aspiration and should be abolished, property professionals said today.
The National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents (ARLA) said the way stamp duty was charged distorted the UK's property market.
The groups said 86% of estate agents thought the tax was unfair, while 81% thought reforming it would have a very positive impact on the property market.
In addition 91% of estate agents also thought the current stamp duty holiday on properties costing up to £175,000 should be extended.
The NAEA and the ARLA have joined forces to call for the tax to be modernised. They are calling themselves the 1808 coalition, after the year in which Stamp Duty was first introduced, to highlight their belief that the tax is a “relic of another age”.
Peter Bolton-King, chief executive of the NAEA, said: “Stamp duty is a barrier to entry for many first-time buyers and is also prohibitive for those looking for a step up the property ladder.
“The time has come to re-assess Britain's most unpopular tax, which is a levy on those aspiring to own their own homes and is manifestly perceived by all those who pay it as being unfair and punitive.”
Stamp duty is currently charged at 1% of the purchase price on properties costing between £175,000 and £250,000, although this will fall back to ones costing from £125,000 from the beginning of next year.
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Posted by maggie | 15.10.09, 15:29 GMT
1. Stamp Duty is not Britains most unpopular tax - I'd say either VAT or income tax would win out easily as more people suffer it and on an ongoing basis.
2. Lowering house prices would have a better impact on the market as more people could afford homes rather than abolish a one-off tax.
3. It's not surprising Estate Agents are crying to abolish any charges on buying homes as they don't care whether it's a genuine home buyer or speculator looking to make a quick buck as long as the Estate Agent gets a hefty fee for making a sale.
Posted by The Real Liam | 15.10.09, 12:34 GMT