Leading London and Surrey law firm Mackrell Turner Garrett are calling on people to think carefully about the implications of the latest
stamp duty reforms on their future property purchases.
Coalition recently introduced
stamp duty reforms while Lib Dems abandoned mansion tax plan in favour of an extra 1 % council tax on homes worth # 2m +
These include measures to invest in cleaning up brownfield land, helping small housebuilders,
stamp duty reform and launching an inquiry into land banking.
Continuing from The Chancellor's autumn statement, the UK government's recent
stamp duty reform (SDLT) has led to a sharp fall in property sales; how has this affected your work and clients and what do you hope the Chancellor's alternative approach will result in?
Not exact matches
State governments have agreed taxes they control, such as payroll and
stamp duty, could be targets as part of the federal government's tax
reform agenda next year, which many tip will involve an increase in the GST.
His failure to
reform stamp duty is a missed opportunity and it is deeply regrettable that yet more taxpayers are likely to be dragged into the 40p income tax band.
The IPPR report considers a wide range of other possible
reforms, including the Liberal Democrat idea of a «mansion tax»,
reforms to
Stamp Duty to make it more progressive, and an annual tax on net wealth (rather than just property wealth).
If used effectively, devolving and
reforming stamp duty could be a tool for growth and stimulating house building in Wales.
Five months away from the next election, the Chancellor has delivered his Autumn Statement which included unexpected
reform of
stamp duty for home buyers.
Stamp duty should therefore be radically
reformed, the Lib Dems said, in order to cut the costs for anyone buying a property worth less than # 500,000 people.
Just over a year ago, I
reformed residential
stamp duty.
Other proposals include the abolishment of council tax,
reform of
stamp duty and capital gains tax, closure of tax loopholes and a rise in «green» taxes.
Labour had no worthwhile response on pension
reforms,
stamp duty changes or savings tax cuts in the last parliament.
Stamp duty was
reformed in 2014 — the slab system (where you'd pay a single rate on the ENTIRE property price) was swept away, and in its place we now have a more progressive system.
«Should property continue to rise in value at its current rates, thousands of additional houses in London and the South East may over the next decade tip over # 2m, which already triggers an effective
stamp duty tax rate of 7.69 % per cent for the buyer following the recent
reforms.
Clearly also under pressure from the Treasury to retain
stamp duty revenues which have risen sharply in recent years following a series of legislative
reforms, a possible solution could