Mark Chilton, Chief Executive of Purely Mortgages commented, “We are glad to see that stamp duty has started to filter through to the political agenda, however we do not think these plans go far enough in tackling the problem.
“The Stamp Duty starting threshold has remained unchanged for over ten years at the very least the Government should introduce inflation linked increases.”
To make stamp duty fairer Purely Mortgages would like to see:
· Stamp Duty to be regionally biased with the most expensive areas of the country having a higher starting rate of £250,000
· Stamp Duty to be changed so that each banded rate only applies from the starting point of the band (i.e. someone who purchases a house at £270,000 would pay 1 per cent up to £250,000 then 3 per cent at £20,000)
· Higher bands for properties worth over £1,000,000 and £2,000,000
Chilton concludes, “Our belief is that the tax burden should shift from the property poor to property rich. Adding extra tiers at the higher end of the housing market would mean that the Government still reaps the revenue rewards, whilst helping first time buyers and low earners get a foothold on the property market by raising the stamp duty entry threshold.”
