The UK’s most hated tax is in urgent need of reform or abolition

Today marks the national launch of the ‘1808 campaign to reform stamp duty’. The National Association of Estate Agents was a lead member of this new coalition which has set up to lobby for substantive reform of Stamp Duty.

A lot of people have asked me why the ‘1808’ campaign. Simple – that’s the year that stamp duty was first extended to property sales in Great Britain. A lot of history has passed since then, but this anachronistic tax remains!

Ultimately, the tax is impeding first time buyers and preventing swift market recovery by unfairly distorting the UK property market- it is in urgent need of reform or abolition. This is why now is the perfect time to seek change and re-assess Britain’s most unpopular tax.

Indeed, always mindful of our members, we surveyed them to gauge opinion. The results were conclusive. An overwhelming majority of the UK’s estate agents (86 per cent) feel that the tax is unfair.  A further 81 per cent believe that an announcement by the Government to reform Stamp Duty would have a very positive effect on the beleaguered property market. Even though the current Stamp Duty “holiday” for properties lower than £175.000 is due to expire, 91 per cent of estate agents surveyed feel that it should be extended.

I am hopeful that the 1808 coalition will be able to persuade Government of this and look forward to updating you on the campaign’s progress. You can read more about our recommendations for Stamp Duty on our website.


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