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It is time to scrap stamp duty altogether, says IEA expert

Julian Jessop Economics Fellow at free market think tank the Institute of Economic Affairs, commented on reports that the Chancellor will extend the stamp duty holiday until June 

“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.”

Notes to editors

For media enquiries, please contact Emily Carver on 07715 942 731 or ecarver@iea.org.uk.

IEA spokespeople are available for further comment and interview.

The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.

Original article link: https://iea.org.uk/media/it-is-time-to-scrap-stamp-duty-altogether-says-iea-expert/

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