Opinion Former Article

CML: Reforming stamp duty - what are the options?

The Scottish government is consulting on reform of stamp duty. So, what are the current prospects for wider UK reform? We have long agreed with the Mirrlees Review that stamp duty, as currently levied, is “highly inefficient, discourages mobility and means that properties are not held by the people who value them most.” Today, we take a fresh look at how stamp duty could be made fairer and more efficient.

At the very least, there is a case for reform of stamp duty to boost NewBuy – why try to make mortgages available with a 5% deposit, if some buyers have to pay a further 3% in stamp duty?

And with benefit reform in the headlines, we welcome the government’s apparent change of mind on how benefits covering mortgage payments should be paid. It’s a decision in the best interests of borrowers, lenders, taxpayers and the government.

To see all the stories in full, go to the latest issue of CML News & Views.


Bernard Clarke
Council of Mortgage Lenders
tel: 0207 438 8923
website: www.cml.org.uk
 

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