Sunday 17 January 2010

Council of Mortgage Lenders calls for abolition of Stamp Duty

The CML in recent report expressed it’s belief that fundamental reform of stamp duty is necessary. It states that it regards Stamp Duty as a tax that discourages labour mobility, and with it’s “ tier ” structure has the effect of causing transactions to “bunch” just under each of the tax thresholds.

The CML state “ While abolition would be the best option, a move to a graduated structure would be an improvement on the current system, even if done on a cost-neutral basis. While the temporary concession was welcome as far as it went, it is disappointing that the government has not sought to implement this desirable reform of an anachronistic tax”.

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