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.”