Thursday, December 5, 2013
Commenting on today’s Autumn Statement, Grenville Turner, Chief Executive of Countrywide plc, said:
“The Chancellor announced that Britain is moving and finished his widely anticipated Autumn Statement with the positive note "let's keep going". Unfortunately, this positivity did not extend to helping people move house.
“We believe today’s Autumn Statement was a missed opportunity for the Chancellor to announce further measures to help first and second time buyers, homeowners and the UK housing market as a whole.
“We handle more housing transactions than anyone else in the UK and as a result, we see first-hand the issues facing property buyers and home movers and one key issue is the Stamp Duty Land Tax system, which we believe in its current format is outdated and prohibitive to promoting growth in the housing market.
“It would have been good to see the Government scrap Stamp Duty for all properties worth £250,000 and under. This would have a small impact on tax receipts as only 13% of Stamp Duty comes from properties worth less than £250,000.*
“The Government needs to develop a more innovative and fairer solution to Stamp Duty Land Tax by reviewing both the thresholds and the current ‘slab’ mechanism and such a review is long overdue.”
*Source – Council of Mortgage Lenders.
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