Our latest research reveals that 4 out of every 5 homes sold in 2012-13 will be subject to Stamp Duty within five years and that 40 per cent of homes sold will be subject to Stamp Duty of 3 per cent or more, leaving buyers with a bill of at least £7,500.
Property price forecasts by Savills Research imply a huge increase in the number of homes which will be subject to punitive rates of Stamp Duty. The forecast price rises will lead to the liability of nearly 100,000 homes which incurred 1 per cent Stamp Duty in 2012-13 more than tripling as they become subject to the 3 per cent rate of Stamp Duty.
The threat of much higher Stamp Duty rates will increase the pressure for the Chancellor to cut this unfair, double tax as called for by the TaxPayers’ Alliance Stamp Out Stamp Duty campaign.
Matthew Sinclair, Chief Executive of the TaxPayers’ Alliance, said:
“As the property market recovers, more and more people will be sucked into paying punitive rates of Stamp Duty and it will be more expensive to move than ever. High Stamp Duty rates stop young people buying a home and starting a family, discourage elderly people from downsizing and make it harder to move to a new place for a new job. The Government urgently need to cut Stamp Duty and ease the burden before the situation gets even worse.”