16 Nov

Coalition calls for stamp duty reform

Coalition calls for stamp duty reform

A coalition of leading organisations within the property sector has called on the government to reform the stamp duty system.

Organisations including the Association of Mortgage Intermediaries (AMI), the Association of Residential Lettings Agents (Arla) and the National Association of Estate Agents (NAEA) have joined forces to exert pressure on the chancellor.

Their primary aim is to convince the UK government to extend the stamp duty holiday on properties with a value of less than £175,000 as well as undertaking a fundamental review of stamp duty.

According to the AMI, Arla and the NAEA, the current thresholds for the tax should be examined and the whole system should be overhauled to move away from the "slab" structure towards a fairer and more logical regime.

Robert Sinclair, AMI director, commented: "It is rare that the breadth of our industry comes together with such consensus on an issue. But the current stamp duty regime is distorting the market to such an extent that we feel compelled to speak out."

Representatives from the other bodies involved echoed his sentiments, adding that the current system was stalling the recovery of the housing market.
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