Time to stamp on stamp duty

Posted on 10 October 2007 by Drew

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Another budget, another missed opportunity.  Stamp Duty, the tax that we all pay on property transactions, was left untouched by Alisdair Darling yesterday will he was busy raiding (allegedly) Tory policies on other issues.

When will any chancellor learn that the way this tax is structured is not only grossly unfair, but also distorts the property market at every single threshold!  The increase a few years back to the starting threshold to £125k was a joke as this just meant everyone priced their properties higher and further disadvantaged First Time Buyers.

This tax also is paid on all the loan amount and does not reflect income tax whereby you are only taxed on the proportion above a threshold.  This is nothing short of ridiculous.  It will not take a rocket scientist to work out a system which gathers the same total income for the government but makes it fairer for all.

I feel I may continue with this topic.  Perhaps an online petition???

Categories: Mortgages, Stamp Duty, Budget

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