The Government has been cashing in on a buoyant property market since the last recession, and the tax burden on buyers has grown out of all proportion becoming onerous and hampering mobility. Now is the time for a radical overhaul, believes James Greenwood of Stacks.
A reduction in Stamp Duty across the board A £250,000 threshold A supertax of 5% on property purchases over £5m Stamp Duty to be split between buyer and seller
'Stamp Duty changes are not enough,' says Mr Greenwood. 'Recent changes to Stamp Duty, increasing the threshold from £150,000 to £175,00, are too little, too late.'
The Stacks Fantasy Stamp Duty league would be as follows:
Under £250,000 Zero £250,000 - £500,000 1.5% £500,000 - £1m 2% £1m - £5m 3% £5m + 5%
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