Stamp Duty Reforms

Stamp duty reforms are damaging property market and cutting tax take

November 15th, 2016

Stamp duty reforms have slowed the housing market and raised half as much money as the Treasury predicted, it has emerged, amid calls for Philip Hammond to review the tax.

The Exchequer received £370 million less in stamp duty than the £700 million it expected following major changes made by George Osborne, new analysis shows.

Experts also said it led to a steep decline in property sales and has cost the economy nearly £1 billion because of a reduction in the number of people selling homes and a flow-on reduction in demand for services such as removals or renovation.


Source: Telegraph