Local MP Calls For Stamp Duty Reforms

Speaking today on the BBC’s Daily Politics show, Mark Reckless called on the government to consider reforms on stamp duty to help boost the local housing market and get the economy moving.

Mark renewed his call for action to be taken against the globally wealthy who avoid stamp duty by putting properties into shell companies, and also restated the case for CGT to be expanded to non-residents.

Mark also called on the Treasury to take action on the £250,000 threshold where stamp duty increases from 1% to 3%.

Speaking during the discussion, Mark said:

“In my constituency of Rochester and Strood many family/detached homes are worth £250,000-£300,000 and it’s very difficult to sell those. Many people have to take a price of £249,995 because of this cliff where it makes no economic sense to sell a house just above £250,000.

I think the Treasury appreciates that these taxes tend to reduce transactions. When Labour put in the big increases the property market was booming, but now, given the difficulties in the property market, it may be that if you cut rates temporarily it would lead to more transactions, more revenue, and house sales really feed into the wider economy.”

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Filed under bbc, economy, housing, mark reckless, medway, rochester and strood

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