Call for stamp duty and VAT shake-up

A group of influential Conservative MPs is calling on the Government to cut £16bn worth of taxes in the Autumn Statement.

The Free Enterprise Group calls for a major increase to the 40p income tax band, huge cuts to stamp duty and a radical shake-up of the VAT system.

The 42 MPs include Treasury financial secretary Sajid Javid and Treasury select committee chairman Andrew Tyrie along with other senior party figures.

On property, the group calls for stamp duty to be scrapped on homes worth less than £500,000, costing £2.4bn.

The paper says abolishing the 1 per cent and 3 per cent bands would improve the “notoriously inefficient” tax.

The Council of Mortgage Lenders estimates stamp duty revenue will rocket 50 per cent in the next five years.

Both the CML and Building Societies Association are calling for a more progressive system to be introduced.

Via Call for stamp duty and VAT shake-up | News | Mortgage Strategy.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s