Stamp duty on sale not purchase, says ex BSA boss

  • Story by: David Pawsey
  • Magazine: MortgageAdviser
  • Published Wednesday , September 17, 2008

First-time buyers would be more likely to enter the market if stamp duty was levied against sellers rather than buyers, according to the former chairman of the Building Societies Association.

Advertising

Ken Culley, who was also previously chief executive of Portman Building Society, called for the government to change the current system.

Mr Culley said by switching stamp duty to sellers, all first-time buyers would be totally free of the tax burden and that would help stimulate the housing market.

He said: "In addition to permanently abolishing stamp duty for all first-time buyers, it reduces the tax burden for homeowners seeking to trade up, as the tax burden will be based on the lower priced home sale.

"While homeowners trading down will pay more tax, they will have the benefit of the net proceeds to afford the tax."

FTAdviser BLOGS RSS

Latest Post  

Forecasts - few and far between

For the last few years, on a Wednesday, my email inbox has been packed with Bank of Englan... read more

SIGN UP TO NEWS ALERTS