Charcol demands Stamp Duty suspension

The adviser highlighted that revenue from Stamp Duty has collapsed in light of the approximate 60% drop in property transactions and 25% drop in prices. The latter has caused revenue to fall by well over 25% because it takes some properties out of the net completely and moves many from the 3% tax band down to the 1% band and others from the 4% band to the 3% rate. John Charcol said the suspension should be for an unspecified period for two reasons: prospective purchasers could not risk delaying too long, while the Chancellor of the day would have discretion as to when to reinstate the tax a...