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Property owners will be among those hoping to see changes to the way stamp duty is imposed in tomorrows budget.
Under the current arrangements, anyone selling a home worth over £250,000 has to pay three per cent of the sale price to the Treasury. A home that sells for as little as £1 underneath that threshold will only incur a levy of one per cent.
The Royal Institute of Chartered Surveyors (RICS) is one of the many critics of the current system. “There is no reason for stamp duty as it is, the slab system means that if you move only one pound from 249,000 to 250,000 you could be slapped with a huge bill, it should be changed to a marginal tax in line with other taxes.”
Source