stamp duty - remove cliff edge effect

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stamp duty - remove cliff edge effect

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The basis for calculating stamp duty on a property is distorting the market and making it difficult to sell homes just above each threshold.
For example there is 7% stamp duty payable on a home of £2,000,000 which amounts to £140,000 in stamp duty. A property priced a pound less at £1,999,999 the stamp duty payable is £40,000 less at £100,000.
This is not just a problem for higher value homes, the problem occurs right up the chain and makes it difficult to agree sales of homes just above each threshold.
Someone trying to sell a home priced in £2m-2.3m bracket will often be forced to accept an offer below £2m because buyers would rather pay 5% than 7% stamp duty.
The Government should act to smooth this effect. There are numerous methods without impacting tax revenues. I am happy to assist as a consultant if the minister in charge finds it difficult to find a solution.
Overall the problem is not the amount of tax, it is the way that it is calculated that is inefficient.

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