Johnson considers Stamp Duty switch from buyer to seller

by Property 118

9:27 AM, 15th July 2019
About 5 months ago

Johnson considers Stamp Duty switch from buyer to seller

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Johnson considers Stamp Duty switch from buyer to seller

Conservative Party leadership contender, Boris Johnson, has confirmed his interest in switching Stamp Duty liability from the house buyer to the seller as proposed by Association of Accounting Technicians (AAT).

Last year Johnson stated Stamp Duty was “absurdly high” and last month he suggested he would consider scrapping it for homes worth £500,000 or less.

Earlier this month, Johnson met with AAT and agreed to examine their Stamp Duty recommendation further, requesting further information which has subsequently been provided.

Phil Hall, AAT Head of Public Policy and Public Affairs, said: “AAT is naturally pleased that Boris has agreed to look at our long-standing proposal to switch Stamp Duty liability from the buyer to the seller. This will save the taxpayer £700m a year by rendering First Time Buyers Relief redundant. It will also protect the £9bn of revenue Stamp Duty generates as it will still be paid in full, simply by different people. It is also much more progressive as it will be paid on the lower priced property being sold rather than the higher priced property being bought.”

The idea certainly appears to have the support of home buyers too.

Tony Richardson and his partner Caroline Danks live with their two young children in a three-bedroom terraced house in Plymouth, Devon. They are now looking at buying a bigger house but have concerns about Stamp Duty costs.

Tony Richardson said: “One of the things that’s made us delay buying a bigger house is the huge amount of upfront costs we will have to face, legal fees, mortgage arrangement fees and the biggest of all, Stamp Duty. That’s why the AAT recommendation to switch Stamp Duty liability is so attractive – it will mean we pay less as we’d only have to pay it on the house we are selling not on the one we are buying. I hope the new Prime Minister, whoever he is, seriously looks at this because it will make a real difference to people like us.”



Comments

Peter G

20:44 PM, 12th August 2019
About 4 months ago

Reply to the comment left by Whiteskifreak Surrey at 08/08/2019 - 23:20
It is not the same government, so hopefully the attitude to LL will improve, but I'm not betting on it yet.

Whiteskifreak Surrey

22:27 PM, 12th August 2019
About 4 months ago

Reply to the comment left by Peter G at 12/08/2019 - 20:44
With greatest respect - dream on... I am expecting a new attack any day after Halloween...

Colin Dartnell

22:34 PM, 12th August 2019
About 4 months ago

Reply to the comment left by Peter G at 12/08/2019 - 20:44
I wouldn't hold your breathe on that. If Boris stays in power all the money he keeps throwing around will have to be found. Landlords won't get a look in.

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