Stamp Duty
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Council of Mortgage Lenders calls for abolition of Stamp Duty
The CML argues for fundamental reform of stamp duty, claiming it hinders labour mobility and creates transaction clustering below tax thresholds. They suggest a graduated structure as a preferable alternative to complete abolition. The CML expresses disappointment that the government has not pursued this necessary reform to the outdated tax system.
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Possible Conveyancing implications as a result of the next general election
Potential changes in government policies, particularly with the Conservatives possibly taking power, could alter homebuyer initiatives like HomeBuy Direct and raise the stamp duty threshold from £125,000 to £250,000, relieving many first-time buyers. Conveyancers should prepare for potential policy shifts affecting transaction timelines, funding approvals, and tax planning.