STAMP DUTY - update - January 2020
A quick update - Data from HM Revenue & Customs shows tax receipts from stamp duty fell a further 5.2 per cent between 2018 and 2019, part of a broad decline in income since late 2016.
“In order for the UK property market to thrive again and provide the economy with the extra boost it requires we need the stamp duty pledges Boris Johnson made in his original campaign to be Prime Minister to come to fruition. There is some initial green shoots of recovery in the London market as demand among buyers increases, however ensuring this confidence follows through to sellers to unlock supply of homes is vital. Recent research shows that 41 per cent of consumers believe there should be a wholesale reduction in stamp duty across all price brackets, while more than a quarter think government should abolish stamp duty on all homes under £500,000.”
There is growing concern that broad pledges on stamp duty made in the second half of 2019 by politicians - ranging from a wide-ranging call for its reduction to more specific proposals about shifting emphasis from buyer to seller - appear to have fallen away since the General Election.
The only specific manifesto pledge on stamp duty from the victorious Conservatives in last month’s General Election was to introduce a three per cent surcharge for non-residents buying UK residential property for investment purposes.
Keep you posted....