The Association of Accounting Technicians (AAT), the professional body for accountants, is calling for stamp duty to be paid by property sellers and not buyers.
Calls for changes to the property tax have been getting louder in recent years, and now the AAT is urging the government to make it a tax payable by sellers, not buyers.
Voices from across the property industry have also spoken out in support of making this fundamental change to stamp duty.
Though stamp duty has been abolished for most first-time buyers, those looking to climb onto the property ladder in London will struggle to find a property which will allow them to be completely exempt from paying stamp duty.
The AAT is also arguing that by removing the burden of paying stamp duty for buyers, this will boost transactions and get the sales market moving.
In recent years, partly has a result of Brexit and the ongoing negotiations, the sales market in London has slowed.
Head of Public Affairs and Policy at AAT, Phil Hall, said: “AAT has long recommended switching Stamp Duty liability from the buyer to the seller which would lead to a Stamp Duty reduction for every house buyer in the country.”
“It would also eliminate Stamp Duty for all first-time buyers without having to waste £670m a year on the latest subsidy scheme which came into force for first-time buyers last November”, he added.
Taking the burden of having to pay stamp duty away from buyers and onto sellers would help first-time buyers looking to purchase their first home in Wimbledon and the surrounding areas.
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