#stamp-duty

#stamp-duty

Labour has asked Nigel Farage to confirm whether he has any financial interest in his constituency home, after it emerged that his partner bought the house saving him a 44,000 tax bill. However, the Guardian revealed in May that the 895,000 house had in fact been bought by his partner, Laure Ferrari, with Farage saying his name did not appear on the deeds for security reasons. If he had made the purchase, he would have been liable for 10% stamp duty rather than 5% because it was an additional property.

Deputy Prime Minister Angela Rayner is at risk of a fine from the tax authorities in addition to having to pay an additional 40,000 in underpaid stamp duty, tax experts have said. Rayner, who is also the minister in charge of housing, has admitted she paid less in stamp duty on her 800,000 flat in Hove, East Sussex, than she should have done, claiming she was badly advised.

The past few weeks, we have seen a bewildering parade of policies emerging from Treasury sources. These include reforms to inheritance tax, replacing stamp duty with a national proportional property tax for homes worth more than 500,000, replacing council tax with a local proportional property tax levied on house values up to 500,000 with a minimum annual bill of 800 paid by the property owner, and a potential capital gains tax (CGT) on primary residences valued at more than 1.5m.

The average price of homes coming up for sale dropped by 1.2% in July compared to June, marking the largest monthly price drop recorded since 2002.

The CBI urges bold action to revitalize London’s equity markets, suggesting the removal of share purchase stamp duty and greater flexibility on executive pay.