More than a quarter of home-buyers are now getting hit with a Stamp Duty bill for £7,500 or more, paying the punitive 3 per cent rate.
Stamp Duty is a challenging obstacle in the way of first-time buyers who dream of owning their own home. It also creates problems for anyone with a growing family and anyone who needs to move to take a new job. And it discourages elderly people from downsizing to a smaller property more suitable for their needs.
The structure of the tax is a mess. The two major recent reviews of the tax system – the 2020 Tax Commission, from the TaxPayers’ Alliance and the Institute of Directors, and the Mirrlees Review from the Institute for Fiscal Studies – concluded that it should be abolished.
We are launching a new campaign – Stamp Out Stamp Duty – to do something about it. Our message is simple: the Government should cut Stamp Duty. New TaxPayers’ Alliance research out today shows how many people are affected by punitive rates of Stamp Duty; we are organising grassroots events around the country; and we need your help to put pressure on the politicians:
Once you have done that, there are other ways to help:
1. Please let your friends and family know about the campaign and encourage them to write to their MP, through the StampOutStampDuty.org website.
2. Let us know if you would be interested in organising a grassroots stall letting people know about the campaign in your area.
You can download the full research showing how much people pay at different rates in different areas here.