Property News · November 19, 2016

Autumn statement: why the chancellor mustn’t cut stamp duty


Philip Hammond can do a deal for the rich homebuyers of Mayfair or do something for middle England insteadWednesday’s autumn statement will be the first test of new chancellor Philip Hammond. Will he, as Theresa May promised in her speech on becoming prime minister, “make Britain a country that works for everyone”. Or will he listen instead to a vociferous campaign on the front pages of the Daily Telegraph, demanding tax cuts for people who can afford to buy £1m houses?The nub of the Telegraph campaign is that stamp duty charges for homebuyers are too high. They label it a “punitive tax” which has resulted in a fall in house sales and a painful cut in income for removal firms and home renovators, indirectly resulting in the loss of 14,000 jobs. What’s more, it contends that the Exchequer has received £370m less in stamp duty than it expected when George Osborne upped the rates. Continue reading…

Source : theguardian.com
Read more…Autumn statement: why the chancellor mustn’t cut stamp duty

You may also like...