November 22, 2017 jim1

Stamp Duty the most complex Tax? Is it killing the property market down

The changes to Stamp duty introduced initially by George Osborne and followed through by the current Chancellor seem to have achieved the aim of raising taxes but at the same time ated as a large negative for Buy to Let investors and First time buyers who have to buy in the South East and London.

The punitive rates for First Time buyers have become a negative that balances out any of the support to First Time buyers offered by Help to Buy schemes. It all means that if you are faced with London or South East first time buyer property prices then the Government has probably increased your costs considerably. This regional discrimination will no doubt affect the perception of the Government among the more youthful elements of the population.

It has become such a glaring issue that a daily newspaper ” The Daily Telegraph ” has started a campaign to influence the Chancellor in order to see reductions in Stamp Duty for First Time buyers and I guess we all would like to see this campaign succeed.

The newspaper has also highlighted how complicated the Stamp Duty regime has become, no doubt like others before him the Chancellor will say he aims to simplify the Tax system, then if this is true ( I suspect it is not ) then Stamp Duty would be a good place to start.

 

In fact the Telegraph has published an up to date calculator which is I have to say very useful, but also shows how complex this element of the Tax system has become.

 

http://www.telegraph.co.uk/finance/autumn-statement/11271926/Stamp-duty-calculator-how-changes-affect-you.html

 

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