Chancellor urged to abolish stamp duty

Getting rid of stamp duty and axing the 45p income tax rate would put the UK among the top 10 most competitive economies in a league of developed nations, according to a new analysis. A report by the Centre for Policy Studies think tank advocates a package of measures including an overhaul of property levies and the abolition of the additional rate of income tax. The body says the changes would see the UK rise from 22nd to ninth in the International Tax Competitiveness Index compiled by the Tax Foundation think tank in the US. The report, written jointly with the Tax Foundation, describes tax reform as one of the "main levers" the Government can use to boost the economy in the long term. Stamp duty, the report says, creates an "extra burden" when homes are sold and can result in vendors deciding not to sell their properties. Removing the levy could "increase the dynamism of the UK housing market."

The Sunday Telegraph (25/10/2020) The Sun (25/10/2020)