Association of Accounting Technicians comments on the Spring Statement

Phil Hall, Head of Public Affairs & Public Policy at the Association of Accounting Technicians (AAT), comments on the Spring Statement.

“The Chancellor was right to highlight that an additional 220,000 new homes have been built as this is certainly helpful in controlling house price inflation.

“However, it was disappointing to again hear the promotion of the First Time Buyers (FTB) relief which although helping 240,000 FTBs, has done so at a staggering cost of £600m to the taxpayer.

“As AAT has repeatedly highlighted, this scheme is costly and bureaucratic and should be scrapped in favour of simply switching Stamp Duty liability from the buyer to the seller.

“Switching liability is a cost free alternative that would save the taxpayer hundreds of millions of pounds; protect existing revenue streams; ensuring every FTB was free from Stamp Duty whilst helping tens of thousands of other home owners who are moving up the property ladder – by ensuring they pay a lower sum on the house they are selling and not the house they are buying.”

Kindly shared by Association of Accounting Technicians (AAT)