Who should pay Stamp Duty tax?

Yorkshire Building Society (YBS) has reignited the stamp duty debate by urging the government to reform the property tax so that it is paid for by the seller rather than the buyers, writes property developer Richard Carr.

Reform

Richard Carr Stamp Duty

Who should pay Stamp Duty?

The building society believes that changing the way stamp duty is paid will help first time buyers get on the property ladder and those at the bottom move up it.

YBS estimated that changing the way the property tax is paid upon completion would save first time buyers in England, Wales and Ireland an average of £3,791, whilst Londoners would save an impressive £13,171.

The building society’s findings and recommendations have been submitted formally to the government ahead of the Chancellor’s Autumn Statement, which is due in November.

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