Taxes are a mess and Stamp Duty must go, says IFS

The Institute for Fiscal Studies has called for Stamp Duty to be abolished in a damning review of the UK tax system.

A report by the IFS published last week claims that the taxation of housing is a mess and contributes to an inefficient market.

It calls for Stamp Duty to be scrapped and for Council Tax to be reformed so that payments are based on up-to-date values rather than the 1991 valuations currently being used.

Paul Johnson, director of the IFS, says: “The current set of taxes in the UK is complex and often incoherent, and it imposes a far greater cost on the economy than need be.”