Calls to scrap stamp duty and replace with a ‘much fairer’ property tax

Rishi Sunak could soon be  facing fresh calls to scrap stamp duty completely and replace it with a ‘fairer’ property tax.

More than half of respondents to a new survey – 59% – believe all first-time buyers should be exempt from stamp duty, while 38% of those who took part in the survey think the levy on property purchases should be replaced by capital gains tax on all home sales.

More than 2,000 people took part in the Anthony Ward Thomas Attitudes to Moving survey, with 58% of respondents wanting inheritance tax to be abolished.

Those who took part in the survey were asked a range of questions about their own home moves as well as their opinions on wider issues surrounding the housing market.

Anthony Ward Thomas, founder of Anthony Ward Thomas removals, said: “First-time buyers are the lifeblood of the housing market and we need plenty of them to keep everything functioning smoothly further up the ladder. However, the cost of moving is in danger of running away from them – it’s not just about finding a deposit and having a big enough salary to get the mortgage you need, there are all the other moving costs, such as stamp duty.

“Replacing a tax on buying – stamp duty – with one on selling – CGT – makes a lot of sense. Buyers will already have profited from the increase in value of their home so paying a tax on that, rather than at the point of entry, seems much fairer.”

SOURCE: Property Industry Eye | MAY 24, 2022 | MARC DA SILVA