Press Room
No movement on SDLT continues to hurt first time
buyers
Tuesday 9 October 2007
Commenting on the lack of changes to stamp duty land tax in today’s
pre-budget report, Grant Thornton Head of Property and
Construction, Clare Hartnell, says, “Stamp duty land tax is the
best weapon the Government has at its disposal in helping people
onto the property ladder and it is amazing that further help to
first time buyers has not been offered in the Chancellor’s latest
pre-budget report.”
"The lack of an announcement on stamp duty land tax is
particularly surprising given the Conservative's proposal to exempt
anyone who buys their first home for under £250,000 from SDLT. One
would have thought that the Chancellor would rise to the challenge
and offer a carrot to potential property investors, however, he may
feel it too early to be fiddling with stamp duty when the housing
market is cooling off.”
Hartnell says that the Treasury seems more interested in
clamping down on tax avoidance rather than helping first time
buyers: “The Government has signalled it will be looking closely at
the use of special purpose vehicles to reduce stamp duty land tax
and how to extend the disclosure regime to high value residential
property transactions. So rather than use the pre-budget report to
offer some help to first time buyers, the Treasury is instead
trying to recoup revenue it believes it is losing out on as a
result of property transactions made through companies.”