Stamp Duty concerns addressed by the Association of Accounting Technicians
Further to Boris Johnson’s widely publicised comments that Stamp Duty is “absurdly high”, accountancy body Association of Accounting Technicians (AAT) has proposed a solution that would see Stamp Duty reduced for all homebuyers.
The accountancy body are recommending that Stamp Duty liability be switched from the buyer to the seller.
Phil Hall, AAT Head of Public Affairs & Public Policy, said:
“AAT has long recommended switching Stamp Duty liability from the buyer to the seller which would lead to a Stamp Duty reduction for every house buyer in the country. It would also eliminate Stamp Duty for all first-time buyers without having to waste £670m a year on the latest subsidy scheme which came into force for first time buyers last November.”
“Given this would help address the concerns Boris and many others have expressed, whilst simultaneously protecting the £9.3bn of tax receipts that residential Stamp Duty generates, switching liability to the seller seems like a no-brainer”
AAT sent a briefing note to all 650 Members of Parliament earlier this week to detail their Stamp Duty proposal.
Kindly shared by Association of Accounting Technicians (AAT)