LETTING & ESTATE AGENT

More calls to scrap stamp duty altogether!

More calls to scrap stamp duty altogether!
Last month the national federation of property professional (NFOPP) and the taxpayers alliance made it public that they were appealing to the government to scrap the extra 3% stamp duty levy on 2nd homes, and now the Society of Licensed Conveyancers has called for the scrapping of stamp duty completely to give the housing market a boost.

The suggestion has been made that stamp duty should be halved immediately and then phased out entirely. The SLC says the stamp duty levy - especially since the three per cent additional homes surcharge - has become unwieldy and "ridiculously complicated" due to rushed legislation which appears to be having the opposite effect for which it was intended.

The government is currently engaged in a review to improve the home buying process but with the extra 3% levy it has actually introduced legislation that actually makes the process more complicated and expensive. Perhaps I might suggest that they consult with actual estate agents, working in the business, if the true goal is to aid the home buying process otherwise we may end up with guidance, such as the previous HIPS legislation that was quickly scrapped, that is un-welcomed.