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‘This would see millions of homeowners double taxed’ – Star Letter 06/10/2017

  • 06/10/2017
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‘This would see millions of homeowners double taxed’ – Star Letter 06/10/2017
Each week Mortgage Solutions and its sister title Specialist Lending Solutions select the most thoughtful or thought-provoking comment to be the week's Star Letter.

This week our Star Letter accolade is awarded to Elizabeth Fleming-Duffy for her response to the post: Accountants argue sellers paying Stamp Duty would boost housing market.

She said: “Surely this change would see millions of homeowners effectively being double taxed for the same home? I think the government and lenders have done enough to assist first-time buyers. And of course this switch would encourage people to retain properties, rather than selling to move – keeping values higher due to lack of supply. How will this help new purchasers get onto the housing ladder?

“Equally, is it actually fair that someone who has paid Stamp Duty tax, relative to the cost of their purchase at the time, should then be made to pay a subsequent sales tax bonus to the government because their property value has increased during ownership?

“Yes there are a lot of upfront costs for a property purchase. Sorry, but when you buy something, there is a tax to pay, whether it is VAT or SDLT it is a cost which has to be factored in to deciding if you can afford that item, or not.”

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