Will Stamp Duty receive Budget massage?
The Chancellor’s March 2014 Budget statement is almost upon us and the property sector is repeating its plea for a rethink on Stamp Duty. Amongst the campaigners for change is the Royal Institute for Chartered Surveyors which says the tax is unfair because it makes the market ‘inefficient’. It wants the tax to be levied in a more graduated way than the current thresholds of £125,000, £250,000 and £500,000.
Also calling for change is the Chartered Institute of Housing which believes that stamp duty reform could persuade older owner occupiers to sell, thus freeing up homes for younger buyers.
Whether or not the Chancellor will take note, remains to be seen. The Treasury made £4.9bn from stamp duty in the 2012/13 financial year – a nice little earner.