The Stamp Duty is a tax on property purchases in the UK that makes it unnecessarily difficult for homeowners to move when they need to. It stops young people from buying a home and starting a family, discourages elderly people from downsizing, and stops people moving to new places for new jobs. On December 4, Chancellor George Osborne abolished the ‘slab’ rate structure and transitioned to a marginal rate structure, cutting the bill for the vast majority of homebuyers. The reforms have cut one of the most painful costs of buying a house for 98 percent of buyers.
“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,” said Jonathan Isaby, chief executive of the TaxPayers' Alliance. “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.”
The TaxPayer’s Alliance has worked tirelessly over the past year to make housing more affordable for lower income buyers by reducing the tax rate. Read more about this win by the TaxPayers’ Alliance to stamp out the Stamp Duty.