Stamp Duty key ‘Election battle ground’ as Farage and Hunt promise cuts

Nigel Farage’s Reform UK has pledged to scrap Stamp Duty for properties worth less than £750,000 and also abolish Inheritance Tax on estates worth less than £2 million.

And simiularly the Tories have also over the weekend revealed plans to remove Stamp Duty for all first time buyers up to a value of £465,000.

With Reform surging in the polls, its policies are coming under increased attention, and it published a draft manifesto including the tax-cutting measures.

Just two points behind

After Farage (main picture) announced he was to take over as leader and stand in the election, a YouGov poll for Sky News reported that Reform was just two points behind the Conservatives.

The survey put Labour on 40%, the Tories 19%, Reform 17%, the Liberal Democrats 10% and the Greens 7%.

‘Clever, clever plan’

Stamp Duty was in the news when consumer champion Martin Lewis threw his weight behind the idea of cutting it for downsizers.

“It’s a very, very clever plan,” he told his own podcast, that could free up much-needed houses for families.

Stamp Duty is currently charged at 5% between £250,001 and £925,000, starts at £425,000 for first-time buyers, and rises to 12% for properties exceeding £1.5million.

Challenged

Chancellor Jeremy Hunt challenged Labour to match a new Conservative pledge not to increase Capital Gains Tax, Stamp Duty or the number of council tax bands, while also revealing its latest stamp abolishment for first time buyers.

And Shadow Chancellor Rachel Reeves was under pressure to increase Capital Gains Tax to raise money for public services such as the NHS, social care and education.

Her colleague, Shadow Defence Secretary John Healey, refused to rule out a Labour government putting up property taxes.