On Saturday The Times reported that the stamp duty increases brought in by former chancellor George Osborne have resulted in a decrease in stamp duty revenue.
According to The Times: “The tax raised £1.999 billion in the third quarter of 2015, before Mr Osborne introduced an additional 3 per cent surcharge for second home-buyers and landlords.
“Receipts were even lower in the first quarter of this year, at £1.883 billion. Receipts peaked at £2.61 billion in the third quarter of last year, according to the HMRC figures.”
The TaxPayers’ Alliance has long campaigned for the abolition of stamp duty. We first suggested it in 2012 as part of the 2020 Tax Commission report. Reforms we called for in 2014 reduced the burden on hard-pressed taxpayers, but failed to end the damage caused by stamp duty.
It is clear that stamp duty is a hindrance to many buyers and the government needs to reconsider its position and make positive changes to benefit the housing market. As data from the United States shows, tax cuts have resulted in significant investment by business and wage rises for workers. When income and corporation tax were reduced in the UK, revenues increased by 37 and 25 per cent respectively.
Put simply, tax cuts can help grow the economy and bring in greater revenue to pay for world class public services.
Tuesday 31st July saw Harry Fone, Grassroots Campaign Manager from the TaxPayers’ Alliance at out meeting in Purley #Croydon. Great discussion on tax and government waste. We also spoke about waste at Croydon Council. Photos and video below.
Join us at the TPA street stall Saturday 18th August 10am – 1:30pm. Near the junction of High Street and George Street Croydon.
Croydon has a previous Minister for Housing and a current Shadow Minister for Housing. Croydon resident Hoong-Wai Cheah writes about the problems with politicians, not informing us of the cost of enacting their policies on housing.