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Stamp Duty 'should be abolished'

Stamp Duty 'should be abolished'

Stamp Duty should be abolished by the government, it has been suggested.

According to a property sector coalition, the levy is "anachronistic" and acts as a "tax on aspiration".

The 1808 Coalition, as it has called itself, consists of the National Association of Estate Agents (NAEA) - which claims to represent 10,000 members in the property sector - and the Association of Residential Lettings Agents.

It cited figures which suggest that 86 per cent of estate agents believe the tax is unfair, while 81 per cent think that an announcement by the government that it is to reform stamp duty would help the country's property market.

"Stamp Duty is a barrier to entry for many first-time buyers and is also prohibitive for those looking for a step up the property ladder," stated NAEA chief executive Peter Bolton-King.

Also, it penalises those investing in buy-to-let portfolios, who have to pay the levy on the bulk price, he added.