Stamp Duties: Reform

Treasury written question – answered on 21st May 2020.

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Photo of Alexander Stafford Alexander Stafford Conservative, Rother Valley

To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential merits of reforming Stamp Duty.

Photo of Alexander Stafford Alexander Stafford Conservative, Rother Valley

To ask the Chancellor of the Exchequer, what plans he has to reform Stamp Duty.

Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury

At Autumn Statement 2014 the Government reformed SDLT on residential properties, cutting the tax for 98 per cent of buyers who pay it, unless they are purchasing additional property. Stamp Duty Land Tax continues to be an important source of government revenue, raising several billion pounds each year to help pay for the essential services the Government provides. Any changes to SDLT would have to be carefully considered given the potential effect on public finances.

The Government does not currently have any plans to change the amount of Stamp Duty Land Tax on property purchases. However, the Government keeps all taxes under review as part of the usual tax policy making process.

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