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More calls to scrap Stamp Duty

first_imgHome » News » More calls to scrap Stamp Duty previous nextRegulation & LawMore calls to scrap Stamp Duty“SDLT isn’t a Stamp, it’s not a duty and its not based on land! It’s just a tax,” says Chairman of The Society of Licensed Conveyancers.The Negotiator8th August 20160752 Views The Society of Licensed Conveyancers (SLC) has endorsed the Taxpayers Alliance call for Stamp Duty Land Tax (SDLT) to be scrapped. The SLC said that there are additional benefits to those propounded by the Alliance which give even greater reason for the Government to give serious consideration to the proposal.Simon Law (left), Chairman of SLC said, “Stamp Duty Land Tax is perhaps the most inaccurately named tax in existence. There is no stamp involved, it is not a duty, and it is on assessed property values rather than land. In fact the only word that is in any way accurate is ‘tax’. In reality SDLT is a direct property transaction tax.”SLC believes that SDLT has become unwieldy and ridiculously complicated due to rushed legislation which appears to be having the opposite effect for which it was intended. Conveyancing lawyers are now expected to help their clients navigate around the very poorly drafted regulations that govern the tax and this causes delays and at times causes transaction failure.Law added ‘it is ironic that the Government is engaged in a review to improve the home buying process when it has introduced legislation that actually makes the process more complicated and tortuous. It is an insult on top of this that HMRC looks to Conveyancing lawyers to act as tax collectors!’The Society believes that scrapping SDLT would not only create a more buoyant and vibrant property market, with a marked hike in investment and building of new homes, but also a much more straight forward and quicker home being and selling process.SLC Society of Licensed Conveyancers stamp duty The Taxpayers Alliance TPA August 8, 2016The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more