Home Stamp collecting Reform property taxation

Reform property taxation



Propertymark called for a review of the Stamp Duty Property Tax (SDLT) to stimulate the UK economy in our response to the Fall 2021 Budget and Spending Review.

Stamp duty Property tax

SDLT rates and values ​​have not been revised since the tax reform in 2014, when average house prices and wages were very different from the current landscape.

Market demand, sales and average prices have all increased since July 2020.

Between July 2020 and August 2021, Propertymark members reported an increase of more than 100 new buyers per branch, per month during the SDLT holidays, with nearly one in five homes sold for above asking price.

During the same period, 45 percent of agreed monthly sales were below asking price, compared to 80 percent in the previous 14 months.

Revision of stamp duty

Propertymark urged action and funding in key areas to help unleash the potential of the real estate industry as well as support the leveling of our country and our communities after the impact of the pandemic.

In addition to calling for a review of the current SDLT system, we also highlighted how a roadmap would help reaffirm policy goals and ensure that the land transaction tax system is fit for purpose and relevant in a society. post-COVID-19.

04 Oct 2021

Fall 2021 Budget and Expense Review Property Representations to Her Majesty’s Treasury

The fall 2021 budget will be presented on October 27, alongside a three-year spending review and HM Treasury’s call for representations to be considered as part of its decisions closed on September 30, 2021.

In addition to our calls for a review of the SDLT, the Institute for Research on Public Policy (IPPR) criticized the current “unfair and outdated” tax collection process and called for a new tax structure.

The charity called for the abolition of the current municipal tax system and, together with the stamp duty, to be replaced by a new proportional property tax, a property value tax as well as the end of the tax exemption. on capital gains on the sale of a person’s main residence.

The suggestions come after the findings of the IPPR report “Moving Down the Ladder: The Case for Proportional Property Tax” indicated that the tax paid for the country’s most expensive homes “lags far behind”.

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