{"id":5445,"date":"2013-08-23T12:23:00","date_gmt":"2013-08-23T11:23:00","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=5445"},"modified":"2013-09-10T14:21:44","modified_gmt":"2013-09-10T13:21:44","slug":"stamp-duty-tax-limits-growth-in-property-market-according-to-walbrook-economics","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=5445","title":{"rendered":"Stamp Duty Tax Limits growth in Property Market according to Walbrook Economics"},"content":{"rendered":"<p><span style=\"color: #000000;\">Despite recent progress in the <a href=\"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=5440\">state of the UK property market<\/a>, research by Walbrook Economics has indicated that if the Government was brave enough to reduce or even remove Stamp Duty Land Tax, the Government would not actually lose any revenue. <\/span><\/p>\n<p><span style=\"color: #000000;\">This is due to the fact that if Stamp Duty were removed, the benefits would stimulate house buying, creating more jobs, more expenditure and more investment. As a consequence, the amount received from income tax, national insurance and vat would rise \u00e2\u20ac\u201c offsetting the loss in revenue from stamp duty itself. <\/span><\/p>\n<p><span style=\"color: #000000;\">The theory relates closely to the popular \u00e2\u20ac\u02dcLaffer Curve\u00e2\u20ac\u2122 &#8211; which is an economic theorem created by Arthur Laffer, an advisor to President Reagan at the time, that summarises tax as a general principle; showing that reducing a tax burden frequently increases tax revenue by stimulating activity enough to offset the balance. <\/span><\/p>\n<p><span style=\"color: #000000;\">The Stamp Duty Land Tax therefore is seen to suppress market activity; ie. consumer demand. As much of the rest of the industry operates on the basis of \u00e2\u20ac\u02dcderived demand\u00e2\u20ac\u2122, other aspects of the property market, like house building and investment, suffer with reduced projections and yields. <\/span><\/p>\n<p><span style=\"color: #000000;\">More than a million jobs are dependant on the \u00e2\u20ac\u0153housing market\u00e2\u20ac\u009d, but how many more persons would be employed directly and indirectly with an increase in demand and therefore an increase in activity if this demand were not artificially constrained?\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0 <\/span><\/p>\n<p><span style=\"color: #000000;\">Matthew Sinclair of the Taxpayers\u00e2\u20ac\u2122 Alliance stated: <\/span><\/p>\n<p><span style=\"color: #000000;\"><i>\u00e2\u20ac\u0153Stamp Duty is an unfair double tax that stops young people buying a home and starting a family, discourages elderly people from downsizing and makes it harder to move to new places for new jobs. The Government could cut Stamp Duty with a limited impact on the amount of money going into the Treasury\u00e2\u20ac\u2122s coffers, as lower taxes would encourage more people to move and therefore increase the number of transactions being taxed.<br \/>\n<\/i><\/span><\/p>\n<p><span style=\"color: #000000;\"><i>\u00e2\u20ac\u0153Politicians should seize this golden opportunity to reduce the burden and make things easier for the hundreds of thousands of people looking to buy or sell a home each year.\u00e2\u20ac\u009d<\/i> <\/span><\/p>\n<p><span style=\"color: #000000;\">The HomeOwners Alliance points out that Stamp Duty has risen 7.1 times faster than inflation, 6.5 times faster than average earnings and 4.6 times faster than house prices since 1995\/6. <\/span><\/p>\n<p><span style=\"color: #000000;\">Experts indicate that the removal of stamp duty land tax could easily be brought in or be given a nil rate for homes under half a million pounds, thereby assisting the middle and lower ends of the market in order to assess the consequences. It could also be brought back again, if required. It is worth noting that no longer is there relief from Stamp Duty in disadvantaged areas or for first-time-buyers. <\/span><\/p>\n<p><span style=\"color: #000000;\">Certain special designated areas and sales are still exempt from Stamp Duty Land Tax though. These include:<\/span><\/p>\n<p><span style=\"color: #000000;\">-\u00c2\u00a0\u00c2\u00a0 Chain breaking Purchases.<\/span><\/p>\n<p><span style=\"color: #000000;\">-\u00c2\u00a0\u00c2\u00a0 Property purchased under the Right to Buy<\/span><\/p>\n<p><span style=\"color: #000000;\">-\u00c2\u00a0\u00c2\u00a0 Multiple Property Purchases which can in some instances be aggregated.\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0 <\/span><\/p>\n<p><span style=\"color: #000000;\">With much call for a so called \u00e2\u20ac\u02dcmansion tax\u00e2\u20ac\u2122, public sentiment may in time persuade the Government that the current policy is economically and socially restrictive and no longer the best course of action for the modern market.<\/span><\/p>\n<p><span style=\"color: #000000;\">\u00c2\u00a0<\/span><\/p>\n<p><span style=\"color: #000000;\">SJ \/ LCB\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0 19\/08\/2013<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite recent progress in the state of the UK property market, research by Walbrook Economics has indicated that if the Government was brave enough to reduce or even remove Stamp Duty Land Tax, the Government would not actually lose any revenue. This is due to the fact that if Stamp Duty were removed, the benefits &hellip; <a href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=5445\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Stamp Duty Tax Limits growth in Property Market according to Walbrook Economics&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"folder":[],"class_list":["post-5445","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Stamp Duty Tax Limits growth in Property Market according to Walbrook Economics - Property Surveying NEWSLETTER<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=5445\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stamp Duty Tax Limits growth in Property Market according to Walbrook Economics - Property Surveying NEWSLETTER\" \/>\n<meta property=\"og:description\" content=\"Despite recent progress in the state of the UK property market, research by Walbrook Economics has indicated that if the Government was brave enough to reduce or even remove Stamp Duty Land Tax, the Government would not actually lose any revenue. 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