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%
