Urgent review of Stamp Duty and Land Tax review

Qube Magazine
NEWS FEATURES FIRE & SECURITY SUBMISSIONS RESOURCES

Industry expert calls on Government to reduce tax on property transactions to kick-start UK economy

Recent data produced by HM Revenue and Customs shows half the number of residential properties were sold in May compared with a year ago amid coronavirus lockdown measures. A total of 46,230 property transactions were completed during the month, down 52% on the same month last year.

Although demand is increasing post lockdown, there is an urgent need to kick-start the UK economy with a review of Stamp Duty Land Tax and Land and Building Transaction Tax in Scotland. The state of the housing market is an accurate indicator of the UK economy, and in order to strengthen our economy, it is vital for the government to review the rate of tax on property transactions across the country.

David Alexander, joint managing director of apropos commented: “Now is an opportune time for the government to make necessary changes and a reduction in tax on certain transactions could directly increase the volume of properties being sold, subsequently benefitting the government and what can be obtained.

“As it stands, the rate of tax on a second property prevents many individuals from buying an additional dwelling, either as a second home or a property to let. This tax varies from 3–4% depending on which part of the country you are in. It is important to remember that not everybody who purchases a property is a multi-millionaire, for example there are many people who have worked extremely hard and have an aspiration to buy a second property to supplement their pension.

 

Urgent review of Stamp Duty and Land Tax review

NEWS FEATURES FIRE & SECURITY SUBMISSIONS RESOURCES