Earlier this week, the Government released a report on UK Stamp Tax Statistics for 2013/14. It has revealed the overall takings for stamp duty have increased by 35% compared to the previous year.
Paula Higgins, Chief Executive of the HomeOwners Alliance, says these latest figures highlight how the main purpose of stamp duty seems to have been overlooked. According to Higgins, "It was a tax introduced to apply to the few. It is now a tax on families and first time buyers buying homes to live in as they have to save thousands to pay this upfront tax"
The Government don’t seem to be noticing the contradiction between efforts being made to help people get on the property ladder and increasing property tax burdens, Higgins stated. She then goes on to say how stamp duty would be a hindrance to the loan scheme announced by Eric Pickles. While first time buyers "take the leap" into homeownership, they will soon "stumble on the sky high hurdle that is stamp duty".
"These figures show they must be blinded by the sheer amount of money they are raking in. George Osborne is addicted to stamp duty and can’t admit to the need for reform.
"If the Government was serious about helping first time buyers, the stamp duty exemption threshold would always be above the average house price, so ordinary homebuyers don’t pay".
To see more from the HomeOwners Alliance around the issue of stamp duty, visit the HomeOwners Alliance website.
