Will new PM Boris work on stamp duty

The new Prime Minister, Boris Johnson, prior to his election, expressed an interest in making seller’s pay stamp duty.

 As recently reported in the national press, The Association of Accounting Technicians (AAT) claims Johnson is considering adopting its policy of switching the burden to the seller.

AAT had previously come up with analysis leading to a recommendation that the burden for stamp duty should be switched to the buyer.  

Their spokesperson said:

“AAT is naturally pleased that Boris [Johnson] has agreed to look at our long-standing proposal … this will save the taxpayer £700m a year by rendering first time buyers relief redundant.

“It will also protect the £9 billion of revenue stamp duty generates as it will still be paid in full, simply by different people. It is also much more progressive as it will be paid on the lower priced property being sold rather than the higher priced property being bought” says an AAT spokesman.

We reported two months ago that the stamp duty receipts for the last financial year was just under £9 billion, some £802m less than the previous year, and was the result of higher levies placed on investors and top of the market properties.

Michael Bolger, Sales Manager of Ealing, comments: “It’s an interesting idea, but I don’t see change anytime soon given the main priority for Boris seems to be an exit from the EU.”

Will new PM Boris work on stamp duty

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Important Capital Gains Tax (CGT) change

Important changes are coming to Capital Gains Tax (CGT) from the new tax year that clients should be aware of. From 6 April 2020, CGT incurred following the disposal of a residential property will have to be paid within 30 days of the completion date. At present tax payable is due by 31 January following from the allotted tax year. (Previously if you sold a property on 1 May you would have 20 months longer to pay the tax due). Furthermore, Private Residence Relief will be eroded from 18 months to 9 months (it was 36 months in 2014), and Letting Relief will only count if you were having a lodger in the period of question as opposed to renting the property out completely. Call us on 020 8992 0333 or email if you would like to discuss your options.

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