Conservative Party leadership contender, Boris Johnson, has confirmed his interest in switching stamp duty liability from the house buyer to the seller.
Phil Hall, the Association of Accounting Technician’s head of public policy and public affairs, was supportive of the suggested change. ‘This will save the taxpayer £700m a year by rendering first time buyers’ relief redundant. It will also protect the £9bn of revenue stamp duty generates as it will still be paid in full, simply by different people,’ Hall said. ‘It is also much more progressive as it will be paid on the lower priced property being sold rather than the higher priced property being bought.’
Last year Johnson said that stamp duty was ‘absurdly high’, and last month he suggested he would consider scrapping it for homes worth £500,000 or less.
Conservative Party leadership contender, Boris Johnson, has confirmed his interest in switching stamp duty liability from the house buyer to the seller.
Phil Hall, the Association of Accounting Technician’s head of public policy and public affairs, was supportive of the suggested change. ‘This will save the taxpayer £700m a year by rendering first time buyers’ relief redundant. It will also protect the £9bn of revenue stamp duty generates as it will still be paid in full, simply by different people,’ Hall said. ‘It is also much more progressive as it will be paid on the lower priced property being sold rather than the higher priced property being bought.’
Last year Johnson said that stamp duty was ‘absurdly high’, and last month he suggested he would consider scrapping it for homes worth £500,000 or less.
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