Reform of IHT and stamp duty urged

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The annual attack on the stamp duty land tax and inheritance tax was launched today, with both the Halifax and John Charcol calling for the Chancellor to reform both ahead of his Pre-Budget report tomorrow.

The Halifax has published research today claiming revenues from both stamp duty and IHT have soared because of the government’s failure to reform the thresholds of either to reflect increases in house prices. The lender says the combined revenue raised from IHT and higher rates of stamp duty on residential property reached a record £6.7bn in the last financial year. In an effort to illustrate the Chancellor’s continuing reliance on a booming housing market, Halifax says the amount of stamp duty revenue raised from sales of properties valued at more than £250,000 has risen by 175% from £1....

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