Commenting on reports that the Chancellor will extend the stamp duty holiday until June, Julian Jessop Economics Fellow at free market think tank the Institute of Economic Affairs, said:
“Any extension to the stamp duty holiday would be welcome, but the Chancellor should go further and look at ways to scrap the tax altogether.
“Most economists agree that stamp duty is one of the worst taxes. It acts as a major deterrent for those wishing to downsize or move to more suitable housing. It also makes no sense that the tax paid on a property depends on how often it changes hands.
“It is high time for a fundamental review of how we tax property, with the aim of simplifying the system and allowing local authorities to keep a higher proportion of revenues raised in their area.”
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