"Speaking to MPs on the Treasury committee, she said: We have to be very careful not to see buying property as a sin, because at the moment it's a sin tax. It's like cigarettes and alcohol and first-class travel. You are actually punished for wanting to buy a more expensive property than the previous one, and that is wrong everybody tells you that it is an economic positive to encourage people to move house."
"The Treasury is considering a new tax on the sale of homes worth more than 500,000 as a step towards a radical overhaul of stamp duty and council tax, the Guardian revealed in August. The Treasury is also reportedly considering changes to capital gains tax relief on main homes (at the higher end), and a mansion tax on more expensive properties."
Stamp duty should be abolished and replaced with an annual property tax to reduce market distortion and encourage transactions. Stamp duty is described as a 'sin tax' that punishes buyers who move to more expensive homes and discourages mobility. The Treasury is considering a new tax on sales of homes worth more than 500,000, changes to capital gains tax relief on high-end main homes, and a mansion tax on expensive properties. Housebuilder Taylor Wimpey reported weaker autumn sales and blamed buyer uncertainty ahead of the budget. Stamp duty is relatively easy to collect but is said to distort economic activity.
Read at www.theguardian.com
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