In the last Thistleblower we invited you to take part in a survey of opinions on Stamp Duty. The survey found that 100% of respondents think that Stamp Duty (SDLT) thresholds need to be adjusted now.
The second most popular choice was a tie between raising the beginning threshold for stamp duty to above the current £125,000 figure and making the percentage increments smaller so we don’t see a jump from 1% to 3% when going over the £250,000 price bracket.
The final option, to add more categories for higher priced properties was not as popular.
Comments from our participants who make some very interesting points:
“All of the above proposals are appropriate and to prevent the SDLT running away with itself as it has done for far to long, the thresholds need to be adjusted in line with a firm means that the criteria can be measured against whether it by average price tables or some other means. The % applicable should be to the amount within that scale and so on – the amount payable should be accumulative and not based only on the total sum paid against the highest %.” N. Stewart
“The minimum starting house price should be higher (at least £500,000) before tax is due and increments should be smaller as well as across the entire price. For example £500,000k at 1%, £1 million 2% etc” C. Rickwood
So the concensus; yes stamp duty thresholds and % do need to be adjusted to reflect the changed scene of the housing market. Only time will tell if action will be taken by HMRC to rectify the situation which can stand in the way of what would be smooth and happy moves for people thoughout the price spectrum.
Subscribe to the Thistleblower to take part in our Armchair Surveys and have your say.
Purchase price/lease premium or transfer value
|Up to £125,000||Zero|
|Over £125,000 to £250,000||1%|
|Over £250,000 to £500,000||3%|
|Over £500,000 to £1 million||4%|
|Over £1 million to £2 million||5%|
|Over £2 million||7%|