Stamp Duty - Axe or Update

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Stamp Duty - Axe or Update

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I propose that the way the Stamp Duty tax structure works when purchasing a new home is changed to a fresh-hold based taxation structure.

So when purchasing a property at a cost of £300,000 etc. the first £250,000 should be taxed at 1% and the remaining £50,000 at 3% and so on until each fresh-hold is passed.

At present once a fresh-hold is passed you must pay the relevant percentage of tax on the TOTAL purchase price. For example the tax on a house costing £250,000 would be £2500 (1%), however if I was to pay £1 more (£250,001) the tax would be £7500 (3%)?!

With my proposed structure: the tax would be £4000 (a saving of £3500) which is much more fair, the increase is not be so vast and I believe this would help inject life into the house purchase market.

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