The Association of Mortgage Intermediaries (AMI) has called for reform of the UK's stamp duty system.
It has joined forces with a coalition of organisations in the housing and property sectors including the Council of Mortgage Lenders (CML) and the Building Societes Association (BSA) to call on the Chancellor to immediately extend the current stamp duty holiday until the housing market has recovered.
It wants a review which re-examines the current thresholds ensuring that the impact on both residential and commercial properties is taken into account. A review must also modernise the stamp duty regime so it can to move away from the current ‘slab' structure to create a fairer, more logical system, AMI believes.
The campaign for stamp duty reform is part of a wider Westminster lobbying campaign that AMI is undertaking on its members' behalf ahead of the Pre-Budget Report in December.
Robert Sinclair, director of AMI, said the current stamp duty regime has distorted the market.
He said: "We implore the Government to not only listen but to act in support of our request for change to this damaging tax."
Open Banking and budgeting tools
Senior Managers & Certification Regime
DWP white paper - reaction
Fourth anniversary of pension freedom