MPs say scrap Stamp Duty except for second and holiday homes

More than 50 conservative MPs are calling for Stamp Duty to be scrapped amidst the continuing cost of living crisis as remnants of the Liz Truss era of politics continue to bite at Prime Minister Rishi Sunak’s heels.

The Conservative Growth Group wants it scrapped for those buying a place to live and to be only paid on second or foreign homes.

BRITISH

Chairman Ranil Jayawardena says that the tax is “not at all Conservative or British”.

He adds: “We should be making it easier for people to get on and up the property ladder… and to climb down in later life.

“People buy their home out of taxed income. Why double tax them?”

The same group of MPs, including former Chancellor Nadhim Zahawi, last week urged Sunak and his Chancellor Jeremy Hunt to scrap inheritance tax.

The Conservative Growth Group of 55 MPs was formed by allies of former Prime Minister Liz Truss.

WRONG

Writing in the Telegraph last week Zahawi suggested scrapping the tax and said it was “morally wrong” to take someone’s assets on their death.

The Neg reported last month how Stamp Duty should be waived for downsizers and that the industry should scrap archaic terms such as ‘landlord’ and ‘tenant’ and change them to ‘property owner’ and ‘resident’.

Experts from Cambridge University Land Society (CULS) say that the affordability and quality of housing will only get better if policy makers prioritise long-term outcomes and de-prioritise politics and vested interests.

Stamp Duty is paid at 5% for a property above £250,000 and at 10% over £925,000.