Stamp Out Stamp Duty



At the Autumn Statement 2014, George Osborne announced sweeping reforms to Stamp Duty - a little over a year after the TPA began its Stamp Out Stamp Duty campaign. There's still more to do but it was a fantastic start. Our Chief Executive Jonathan Isaby said at the time:
Stamp Duty reform will be an early Christmas present for young people looking to get on the housing ladder and families who want to move home. The Chancellor is right to significantly reduce the burden that this tax on ambition has placed on hard-pressed taxpayers. Let's hope this is a first step towards abolishing Stamp Duty altogether.
What the reforms mean:
  • Abolition of the 'slab' rate
  • 0% paid for the first £125,000 then 2% on the portion up to £250,000
  • 5% up to £925,000, then 10% up to £1.5m; 12% on anything above that, saving £4,500 on average priced home
  • Changes to come into effect at midnight on Thursday, 4 December
The Times calls for Stamp Duty to be abolished, after reports that the reforms to the tax are not having the desired impact. The TPA has long said that Stamp Duty should be abolished, first in the final report of the 2020 Tax Commission, The Single Income Tax, and then as part of our Stamp Out Stamp Duty campaign.
Any tax cut - even a fiddly one like this - would be welcome to the people it would benefit, but this is yet another lazy announcement that will apparently be funded from the magical money tree of tax avoidance.
Our Stamp Out Stamp Duty campaign has borne fruit today as the Chancellor scrapped the notorious ‘slab’ rate structure. Despite hiking the rates, this change means a big cut in the bill for the vast majority of home buyers. As Chief Executive Jonathan Isaby put it, “an early Christmas present”. Reducing a big financial barrier to home ownership - an aspiration many people share – is to be applauded, and today’s reforms have cut one of the most painful costs of house purchase for 98 per cent of buyers.
Welcome victory for TaxPayers' Alliance Stamp Out Stamp Duty campaign, as the burden of this pernicious tax on most homebuyers is reduced The deficit remains too high, however, and the Chancellor failed to address this elephant in the room with the detail taxpayers deserve More fiddly tax measures will create further complexity