{"id":4600,"date":"2025-10-17T01:02:39","date_gmt":"2025-10-17T01:02:39","guid":{"rendered":"https:\/\/second-home.uk\/?p=4600"},"modified":"2025-10-17T01:02:39","modified_gmt":"2025-10-17T01:02:39","slug":"economist-adds-to-growing-calls-to-scrap-stamp-duty","status":"publish","type":"post","link":"https:\/\/second-home.uk\/?p=4600","title":{"rendered":"Economist adds to growing calls to scrap stamp duty"},"content":{"rendered":"

An economist has added to the growing consensus that stamp duty is a regressive tax that should be abolished.<\/p>\n

Paul Johnson, the former head of the Institute for Fiscal Studies, called it \u201cthe worst tax we have\u201d, adding \u201cIf I were Chancellor for the day, I would abolish it\u201d.<\/p>\n

Instead, he said there is a\u00a0\u201cstrong case\u201d\u00a0for equalising Capital Gains Tax (CGT) with income tax rates, though he warned more CGT shouldn\u2019t be charged just because of rising inflation.<\/p>\n

Calling for a tax-free allowance to enable a \u201cnormal return\u201d, he suggested this should be set at the rate of inflation plus 2-3%, with CGT then paid on any further returns.<\/p>\n

Johnson was speaking on the National Residential Landlords Association\u2019s (NRLA) podcast called \u201clisten up landlords\u201d.<\/p>\n

Capital Gains and Income Tax as they stand<\/h2>\n

As it stands, gains from residential property are subject to a CGT rate of 24% for higher or additional rate taxpayers, or 18% for basic rate taxpayers.<\/p>\n

In terms of income tax, earnings between \u00a312,571 and \u00a350,270 are taxed at the basic rate of 20%.\u00a0Meanwhile earnings from \u00a350,271 to \u00a3125,140 are subject to the higher rate of 40%. Above that the tax rate is 45%.<\/p>\n

Stamp duty in the firing line<\/h2>\n

Rachel Reeves <\/p>\n

Chancellor Rachel Reeves has been reportedly thinking of scrapping or changing stamp duty<\/a> in the Autumn Budget on November 26.<\/p>\n

Ideas floated include replacing it with a sellers\u2019 tax and switching it to an annual tax on homes worth more than \u00a3500,000, as well as altering council tax.<\/p>\n

\t <\/p>\n

Kemi Badenoch, leader of the Conservative Party, has also pledged to abolish stamp duty<\/a> if the party was to win the next general election.<\/p>\n

Tax rises could cause economic damage<\/h2>\n

Potential tax hikes on the private rented sector are\u00a0\u201ceconomically damaging\u201d\u00a0and based on a lack of understanding about investors, Johnson added.<\/p>\n

He said: \u201cI think you need to think very carefully about how to tax housing and how to tax rental housing, and the first myth to bust is the idea\u2026 that somehow landlords are under-taxed relative to owner-occupiers, which is complete nonsense.<\/p>\n

\u201cIf you make it more expensive to be a landlord, then there will be some combination of fewer landlords and higher rent.\u201d<\/p>\n

Instead, Johnson called for the government to unveil a long-term plan for how it plans to tax housing and property, and maintain those rules.<\/p>\n

He added that that would end the \u201cuncertainty and the sense that each year there\u2019s a little bit of a budget deficit we need to look\u00a0[to the private rented sector]\u00a0for grabbing money.\u201d<\/p>\n

Johnson was speaking to NRLA chief executive, Ben Beadle, and podcast co-host Richard Blanco.<\/p>\n

Ben Beadle <\/p>\n

Beadle said:\u00a0\u201cAhead of the Budget the government must heed Paul Johnson\u2019s sage advice. Too often the way rental property is taxed is based on nothing more than topping up the coffers from one year to the next. Such knee jerk and short-term thinking is no way to run an economy.<\/p>\n

\u201cWhat is needed is a consistent tax strategy that gives responsible landlords the confidence to invest in the decent long-term homes for rent that so many people desperately need.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

An economist has added to the growing consensus that stamp duty is a regressive tax that should be abolished. Paul Johnson, the former head of the Institute for Fiscal Studies, called it \u201cthe worst tax we have\u201d, adding \u201cIf I were Chancellor for the day, I would abolish it\u201d. Instead, he said there is a\u00a0\u201cstrong […]<\/p>\n","protected":false},"author":1,"featured_media":3863,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-4600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\nEconomist adds to growing calls to scrap stamp duty - Second Home<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertywire.com\/news\/economist-adds-to-growing-calls-to-scrap-stamp-duty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economist adds to growing calls to scrap stamp duty - Second Home\" \/>\n<meta property=\"og:description\" content=\"An economist has added to the growing consensus that stamp duty is a regressive tax that should be abolished. Paul Johnson, the former head of the Institute for Fiscal Studies, called it \u201cthe worst tax we have\u201d, adding \u201cIf I were Chancellor for the day, I would abolish it\u201d. 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