Change Stamp Duty to a progressive tax rather than on the total value.

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Change Stamp Duty to a progressive tax rather than on the total value.

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Currently the system for stamp duty land tax (SDLT) results in the buyer paying a percentage of the amount paid for property when it is purchased.

The tax is charged at different rates and has different thresholds for different values of transaction. However, the tax percentage is applied to the total purchase price rather than just the sum within that threshold (i.e the income tax system).

The government needs to change the SDLT system so that the tax is progressive e.g. if you buy a house at £251k you would pay 0% on the first £125k; 1% on the second £125k; and 3% on the final £1k. (Based on current thresholds). This change would mean that the tax in this example would be £1,280 rather than £7,530 for the present system.

The current SDLT system causes stagnation and frustration at and around the threshold limits for both the seller and the buyer and ultimately means fewer houses are sold.

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