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Call for reform of stamp duty
Posted by Yell News Bloggers in Mortgages on October 19th, 2009
The two groups have gone as far as to call stamp duty an “anachronistic” tax on aspiration. They added that it is distorting the UK’s property market.
In a survey completed by the two organisations, 86% of estate agents thought the tax was unfair, while 81% thought reforming it would have a very positive impact on the property market.
In addition 91% of estate agents also thought the current stamp duty holiday on properties costing up to £175,000 should be extended.
The NAEA and the ARLA are calling themselves the 1808 coalition, after the year in which stamp duty was first introduced, to highlight their belief that the tax is a “relic of another age”.
But two key trade bodies are fighting to reduce the cost - and have called on the Government to reform stamp duty.
Two property trade bodies have called for stamp duty to be reformed
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Tags: 1808 coalition, Association of Residential Letting Agents, National Association of Estate Agents, stamp duty, UK property market
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