Re­place stamp duty with an­nual tax

Yorkshire Post - Property - - PROPERTY -

STAMP Duty should be abol­ished and re­placed with an an­nual tax on the value of the prop­erty, ac­cord­ing to the Or­gan­i­sa­tion for Eco­nomic Co-op­er­a­tion and De­vel­op­ment.

Its re­port crit­i­cises Stamp Duty, which it says dis­cour­ages mo­bil­ity among home own­ers by rais­ing the cost of mov­ing.

The OECD also points out that an an­nual prop­erty tax would, over the years, raise more than Stamp Duty. It wants the new tax to go partly to lo­cal coun­cils and partly to the Trea­sury.

But the pro­posal has a host of crit­ics who say the on­go­ing levy would have an ad­verse ef­fect on house prices.

They also say that it would add to the bur­den of tax­a­tion felt most deeply by the mid­dle classes.

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