Cut stamp duty
Posted on 20 Aug 2013
Government urged to slash stamp duty
The TaxPayers" Alliance is calling on the government to slash stamp duty and other taxes on home ownership to encourage a post-Brexit boom. A report by the body calculated that households and businesses paid nearly £67bn in property taxes in 2014-15 - a 2.8% increase on the previous 12 months and a drag on economic growth in every region. Almost all the increase came from stamp duty, which rose by £1.5bn. The fastest increase in property tax was in Scotland, from £5.3bn to £5.5bn. The report also said the UK had the heaviest property taxes in the OECD group in 2014, at 4.1% of GDP. Meanwhile, TaxPayers’ Alliance CEO Jonathan Isaby writes to the Times to express support for a cut in VAT and an increase in capital allowances. But he adds that more tax on wealth and the axing of tax relief on buy-to-let mortgages are less welcome proposals.
Source: Daily Express (08/08/2016)
