MPs have called on the Government to reform stamp duty or scrap it entirely to help get first-time buyers on the housing ladder.
In a report published on Tuesday, the cross-party Housing, Communities and Local Government Committee said that the tax is putting “barriers in front of people seeking to buy a new home” and “must not be maintained in its current form”.
With the country potentially about to get a new prime minister if the Greater Manchester Mayor, Andy Burnham, wins the Makerfield by-election, the pieces may be falling into place for a generational shake-up in the way England taxes property.
How does stamp duty currently work?
Stamp duty land tax (SDLT) is charged on buyers of property or land and raises £14bn a year for the Exchequer. Currently, first-time buyers of residential properties pay no stamp duty on purchases up to £300,000, then 5 per cent on the portion from £300,001 to £500,000.
