Chancellor urged to scrap stamp duty
A new report from the Adam Smith Institute has urged the UK Chancellor to urge stamp duty on property transactions. The property tax is payable, in rising increments, on landlord or property bought for £125,000 or more. The analysis claims its impact is four times four times more harmful to economic efficiency than income tax and eight times more harmful than VAT.
The report also suggests that stamp duty results in people staying in homes of the wrong size. Examples of this include old people discouraged from downsizing when their children have left home thereby restricting the supply of family sized homes.
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