Suspend all stamp duty, says property portal

Suspend all stamp duty, says property portal

The government has been urged to suspend stamp duty altogether for 12 months to help the housing market.

Property portal has argued that this will help bolster the level of spending made on housing and associated economic activities such as the buying of furniture, plus work for solicitors and removal companies.

Head of research Charles Wasdell pointed to the projected fall in income from £6,680 million in this financial year to £2,753 million next year as evidence that revenue to the government from the purchase tax will be just a "drop in the ocean" compared to the extra borrowing being undertaken.

He added: "We call on the government to scrap stamp duty on residential property completely for at least the next year to encourage people to begin moving home and spending their money."

A similar call for a suspension of the levy was made last week by the National Association of Estate Agents.

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