April 2008

How fair is the imposition of Stamp Duty in the first place?

Sir,

I READ the front page article in your March edition regarding Stamp Duty, and the comments of Stewart Lilly, the president of the National Association of Estate Agents, with grave concern.

Home Information Packs have undoubtedly created significant publicity over the last 12 months, but I believe the punitive rates of Stamp Duty are a significant problem for homeowners and buyers alike.

I don’t think we should enter into a dialogue with the Government on where the band should be set, but take issue over the fairness of the tax in the first place.

Understandably, the Government will opt for tax-raising measures which will cause them least resistance and it seems that the NAEA is condoning Stamp Duty and even going so far as to suggest that it should be increased to 4.5 per cent for the top end of the market.

I attended a recent meeting of the Essex branch of the NAEA, where it was stated that the Conservatives would abolish HIPs if they came to power.

Given the recent comments from our president, I think the chances of getting the Labour Government to substantially change its view on Stamp Duty are nil.

Would it make sense to clearly establish the view of the Conservative Party, if elected, on Stamp Duty?

WILLIAM WELLS FNAEA,
Residential Director,
Mullucks Wells,
Water Lane,
Bishop’s Stortford,
Hertfordshire.