Andy Burnham rules out scrapping Stamp Duty

Andy Burnham has ruled out changes to Stamp Duty in the next Budget.

It slaps down reports at the weekend that the tax was set for the axe.

Sky News reported that Burnham had ‘shut that down’, saying: “That won’t happen in the next Budget.”

Sky News said there were memories of when Rachel Reeves was considering such a change, explaining: “It absolutely froze the housing market for a few months until a final decision was communicated and so he didn’t want to do that.”

That won’t happen in the next Budget.”

The Prime Minister has previously leaned into reform of Stamp Duty.

He is said to have been a fan of a scheme launched by Fairer Share, the national campaign to replace Council Tax and Stamp Duty with a Proportional Property Tax.

Under the scheme, it would see homeowners pay an annual levy of 0.48% of a home’s value. It would equate to £1,440 a year on a £300,000 home.

Stamp duty costs

Fairer Share research claims that 77% of households would benefit from such a tax, and those paying more would see increases capped until they sell.

Fairer Share launched a petition calling for reform of property taxes, which has already notched up its hundredth signature.

The Neg contacted No10 for a response.

In a statement, it told The Neg that reports the Prime Minister was actively considering scrapping Council Tax or Stamp Duty were “not true”.

It added: “As has always been the case, decisions on tax are a matter for the Chancellor to set out at fiscal events.”

Conservative policy

Posting on X.com, Conservative MP Sir James Cleverly, responded to the announcement, saying: “Stamp Duty is a tax on aspiration. It locks first time buyers out. It freezes the market. Only the Conservatives will scrap it.”

Stamp duty is a tax on aspiration. It locks first time buyers out. It freezes the market.”

It comes after Zoopla claimed earlier this month that Stamp Duty is stopping some people from moving home.

Richard Donnell, Executive Director at Zoopla, warned that where Stamp Duty is so high that it becomes a “meaningful friction”, some of those moves end up grinding to a halt.

He said: “For home movers, Stamp Duty is a near-certain cost wherever you live – and in Southern England it runs to five figures.

“Six in ten property purchases are made by existing homeowners.

“When the cost of moving becomes a meaningful friction, some of those moves don’t happen, especially with lower levels of house price inflation in recent years across southern England.”