When Stamp Duty was first introduced there was only one rate of 1% paid on properties over £60,000 which was more than above the current average house price. Now we have 5 rates and more than two thirds of families pay it when they move.
This means an extra cost of moving which decreases rehousing to account for changing circumstances. After years of campaigning, the tax is no longer structured so that if you pay £1 over the £250,000 threshold you will pay three times as much in stamp duty. However the amount raised by the tax is not high enough to justify the cost it imposes on flexibility.
After reviews by the 2020 Tax Commission and the Institute of Fiscal Studies we are calling for the abolition of stamp duty
Business rates have increased for the past 3 years, leading to more empty shops on the high street and fewer chances of work.
To compound the issue, exemptions for empty commercial and industrial properties were abolished in the 2007 budget. Coupled with the economic downturn the result has resulted in:
- Landlords demolishing properties rather than paying the full rates while unable to find new tenants
- Pensioners who bought commercial units as a supplement to retirement income facing crippling bills
- Reduced investment in commercial units undermining the prospects for economic growth
One of our current campaigns is to freeze business rates to support growth, investment and job creation.