Chancellor urged to review stamp duty reforms

stamp duty reforms damaging housing market
Chancellor urged to review stamp duty reforms

Philip Hammond, the UK Chancellor, has been urged to review stamp duty reforms amid claims that they have slowed the housing market and only raised half as much money as the Treasury predicted.

New analysis shows that the Exchequer has received £370 million less in stamp duty than the £700 million it expected after changes made by the previous chancellor, George Osborne.

Experts have also claimed that the changes have resulted in a steep decline in property sales and cost the economy nearly £1 billion due to a reduction in the number of people selling homes coupled with the ripple effects in associated service industries such as removals and renovations.

 

Full story available from The Telegraph: http://www.telegraph.co.uk/news/2016/11/14/stamp-duty-reforms-are-damaging-property-market-and-cutting-tax/

 

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