Stamp Duty Land Tax

Posted on 30-10-20 by Richard M. Number of votes: 0 | Number of comments: 2

We currently have a system of charging buyers of homes a one-off charge when they purchase based on the value of the transaction -stamp duty land tax (SDLT).

For buyers of a main home (the home they will predominantly live in), this tax should be abolished.  Our country currently has insufficient housing and does not have uniform local availability of jobs of all types, yet we have this tax that disincentivises moving house to a property of the correct size and location for a person's/family's needs.

Removing this tax will encourage people to move to an appropriate home (e.g. elderly people to a smaller home, making way for a family in need of space).  It will encourage people to move to an appropriately-located home for their work (i.e. reducing traffic on the roads, improving air quality, reducing carbon emissions).

SDLT should be retained (perhaps increased) for second homes, holiday homes and investment properties.  These forms of home ownership are perhaps to be discouraged given our country's housing shortage.

The revenue not collected through abolition of this tax should instead be levied through increased taxes on personal wealth.

Referring to: Housing, Local Government and Transport

The Housing, Local Government and Transport Policy Commission develops Labour policy concerning local government and devolution, housebuilding and the housing sector, and Britain’s transport infrastructure and services.

Latest comments Post a comment

Got something to say? Please leave your comments here about the content on this page.

Content of comments is the responsibility of the poster, and their appearance on this website does not imply endorsement by the Labour Party.

    Labour party member MP Shadow Cabinet Member
    NPF Rep MEP NPF rep has replied
    Councillor Peer Labour Guest