New Land Registry figures released by property management firm London Central Portfolio have revealed that the average price of a flat in England and Wales has risen above £250,000, taking them into the punitive 3 per cent band of Stamp Duty. Properties bought for a quarter of a million pounds or less pay up to £2,500 in Stamp Duty. But the tax bill rockets above this, to an eye-watering £7,500 on a property bought for £250,001.
The data is based on the Land Registry’s publicly available ‘price paid’ data (which shows an average price of around £239,000 for flats), but reportedly makes adjustments to exclude some transactions. But with both datasets showing average prices around the level at which the punitive rate kicks in, a lot more home buyers will be finding themselves stamped with a much nastier level of duty.
But you can make a difference. Go to StampOutStampDuty.org to automatically send your MP a message about Stamp Duty.
On Saturday I was joined by several TaxPayers’ Alliance supporters when we held the Cardiff leg of our ‘Stamp Out Stamp Duty’ campaign to inform local taxpayers how this particular tax affects them. Many people I spoke to agreed that Stamp Duty is a horrible tax and discourages individual as well as overall economic growth. Continue Reading
Earlier this week we launched our new ‘Stamp Out Stamp Duty’ campaign. We will be holding a stall in Cardiff tomorrow to inform local taxpayers about what this punitive tax means for young people trying to get onto the housing ladder, for growing families and for Welsh jobs. The stall will be located near Aneurin Bevan’s statue, Queen Street, and we will be there from 11.00 am. If you are in Cardiff tomorrow, please come and say hello.
There have been recent calls for Stamp Duty, like many other taxes, to be devolved to the Welsh Government. This is in large part due to the Silk Commission and local politicians from all parties wanting to be able to set local taxation rates to – in their words – help the economy.