Buy to let investors team up with property organisations to campaign over Stamp Duty
Added 25.11.09
The Association of Residential Lettings Agents (ARLA) and the National Landlord Association (NLA) have teamed up with several other property organisations to campaign for the government to modernise Stamp Duty.
Other partners in the 1808 Coalition, which was set up by the National Association of Estate Agents (NAEA) and ARLA, are:
• Association of Mortgage Intermediaries (AMI)
• Building Societies Association (BSA)
• Council of Mortgage Lenders (CML)
• Home Builders Federation (HBF)
Peter Bolton-King, Chief Executive of the NAEA, said: “The Coalition believes that Stamp Duty is an anachronistic tax which, in its current form, is preventing a recovery in the housing sector – it limits market flexibility, creates regional inequality and its slab structure unfairly distorts the housing market. Now is the time for the Government to take action.”
The current Stamp Duty ‘holiday’ for properties lower than £175.000 is due to expire at the start of 2010 but in a recent survey by the NAEA, 91 percent of estate agents surveyed felt that it should be extended. 86 percent of those surveyed felt that the tax is unfair.
Ian Potter, Operations Manager of ARLA said: “Not only does Stamp Duty prevent those aspiring to own a home from doing so, it also impacts the whole property chain.
For ARLA members, this means having to pay Stamp Duty on the bulk price of a portfolio, when individual buy to let investors pay a lower rate on the single unit price.”
Michael Coogan, Director General, CML, said: “We urge the government to announce a comprehensive and long-overdue review of Stamp Duty. Reform is needed of a tax that distorts the housing market.”
David Salusbury, Chairman, NLA, said: “Stamp Duty Land Tax is a pernicious tax which has failed to keep pace with house price appreciation. It creates an unbalanced housing market and discourages investment in housing. Reform is needed now.”
Anyone wishing to register comments on the campaign, or on Stamp Duty, should visit: http://www.nfopp.co.uk/1808.
News feed courtesy of Residential Landlord