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Boris Johnson eyes radical stamp duty cuts

The Times reports that prime minister hopeful Boris Johnson is considering an “overhaul” of stamp duty as part of plans for a no deal exit from Europe.

The change, which would see the tax axed on homes worth less than £500,000 as well as hauling rates on properties worth more than £1.5m from 12 per cent to 7 per cent, is part of a proposed package that includes “an assault on regulation” and a series of tax cuts.

It would also see him raise the annual investment allowance threshold “significantly” above the current level of £1m.

The current leader of the Tory leadership contest is also apparently planning a “levelling up” of the nation through major infrastructure investment, with The Times reporting that Johnson described rail as currently being too expensive.

The report adds that Johnson offered current home secretary Sajid Javid the job of chancellor during a phone call last weekend, although this has not been confirmed by the Johnson team.


HMRC Letter 480

Stamp duty receipts fall: HMRC

The revenue raised by Stamp Duty Land Tax fell in the first quarter of 2019, as liable property transactions decreased. Figures from HMRC show transactions decreased by 20 per cent from 316,200 in Q4 2018 to 253,900 in Q1 2019. This mirrors a 20 per cent fall over the same period last year. Similar falls […]

House of Lords report asks for stamp duty reform

The House of Lords committee on intergenerational fairness has issued a wide-ranging report that, among other calls for actions, asks for the government to reform stamp duty. In the report, the committee concludes that, “stamp duty has seriously distorted the housing market,” adding that, “the government should review the effect of stamp duty on the […]

Big Ben and the houses of parliament in London

Non-UK resident stamp duty surcharge consultation opened

The government has launched a consultation seeking industry views on a stamp duty land tax surcharge for non-UK resident property purchases. The surcharge would apply to freehold and leasehold homes, and the suggested rate is 1 per cent on top of all existing SDLT rates, including the rates applicable to the rental element of leasehold property. Further […]

Buy-to-Let Watch: Adaptability holds key to survival

With further legislative changes on the horizon, landlords and intermediaries cannot afford to stand still in a fast-moving market During the recent FSE Manchester event, a buy-to-let panel was united in suggesting that advisers and their landlord clients should not rule out further changes to the private rental sector. However, when asked whether the government […]

The death of retirement – a boost for protection?

According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]


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