Proposals for a so-called Mansion Tax should be scrapped
Sep 2013 02

New research published today by the estate agency Knight Frank has revealed further weaknesses in the case for a new ‘Mansion Tax’. In 2012 Vince Cable proposed a levy of 1 per cent annually on properties valued at over £2 million. Politicians have suggested such a levy would raise between £1.7 billion and £2 billion annually. Continue Reading

Bath backs ‘Stamp Out Stamp Duty’
Sep 2013 02

Estate Agents in the city of Bath have backed our campaign to cut Stamp Duty.

‘Stamp Duty is a poorly-structured tax,’ says Philip Marshall, partner at Carter Jonas, in the centre of the city. ‘And a blunt instrument that acts as a deterrent to first-time buyers. It causes artificial steps in the property market, as stages up are not graduated in the same way that Income Tax is for example. The jump from 1 % at £250,000 to three per cent at £250,001 is a particular problem.’ Continue Reading

Chelmsford supports ‘Stamp out Stamp Duty’
Aug 2013 28

TPA supporters turned out on a stormy day in the heart of Essex in the county town of Chelmsford to tell the local residents about our ‘Stamp out Stamp duty’ campaign. Setting our stall beneath the grand statue of celebrated local lawyer, Sir Nicholas Tindal, in Tindal Square, we spoke to local people visiting nearby estate agents.

‘Buying a house is already far too costly for many hard-working people,’ says Chris Manby, Essex TPA coordinator, ‘and Stamp Duty is just another horrible sting in the tail. It makes buying a home even more expensive, and puts home ownership further out of reach for young people and families. It should be abolished.’ Continue Reading

New research exposes the £2 billion “holiday tax”
Aug 2013 27
As millions of British families return from their holidays, our new research reveals just how much tax they have to pay in order to enjoy a well-earned break. Thanks to the highest taxes on flights in the world and other taxes on common holiday purchases, the tax burden on holidays abroad was £2 billion in 2012. That is a £500 million increase from the last TPA estimate in 2008. A family of four travelling to Florida are likely to have paid around £350 of tax on their flights and holiday purchases in the UK.

Key Facts:

  • In 2012 the estimated total tax bill for holidays abroad was over £2 billion. That is£56 for each of the holidays abroad taken
  • family of six travelling to Spain will have faced an average tax bill of £187 on their flights and holiday purchases in the UK
  • family of four travelling to Florida will have faced an average tax bill of £350on their flights and holiday purchases in the UK, an increase of £150 since 2008
  • couple travelling to Australia will have faced an average tax bill of £254 on their flights and holiday purchases in the UK

Matthew Sinclair, Chief Executive of the TaxPayers’ Alliance, said:

“People work hard all year to make ends meet, despite high taxes and rising prices. They look forward to a holiday as a blessed relief but sadly the tax man is waiting even when they try to take a well-earned break. Britain’s exceptionally high taxes on flights in particular make holidays much more expensive, as well as making it harder for Britain to compete as a destination for tourists and business investment. The Government should cut Air Passenger Duty and make flying more affordable.”

Well over a third of potential home buyers will pay over £7,500 in Stamp Duty by 2018
Aug 2013 23

Our latest research reveals that 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.

Key Facts:

  • By 2017-18, four in every five homes sold will be subject to Stamp Duty
  • In five years, two in every five properties sold will be subject to Stamp Duty at 3 per cent or more, with bills of at least £7,500 each
  • Nearly a third of all homes where Stamp Duty of 1 per cent was paid in 2012-13 will be subject to the 3 per cent rate by 2017-18. The average bill for those properties will rise from £2,319 in 2012-13 to £8,445 by 2017-18
  • In five years, 220,593 of the 725,602 homes which were sold in 2012-13 will be subject to a higher rate of Stamp Duty
  • 99 per cent of homes in London will be liable for Stamp Duty in five years and five out of six homes will be subject to the 3 per cent rate
  • Three in five homes sold in the North West will be liable for Stamp Duty in 2017-18
  • The fastest increase in the number of homes liable for Stamp Duty will be in the East Midlands where the number of properties subject to Stamp Duty will rise from 50 per cent to 71 per cent by 2017-18
  • Three in five homes in the South East will be subject to Stamp Duty at the 3 per cent rate or higher by 2017-18
  • Over half of all homes in every region of England and Wales will be subject to Stamp Duty by 2017-18, including in 306 out of 347 local authority areas

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.”

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