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Budget 2012: Osborne missed opportunity to reform Stamp Duty system, says RICS

The Royal Institution of Chartered Surveyors says the chancellor George Osborne has missed an opportunity to reform the whole Stamp Duty system rather than” tampering at the edges” with his latest Budget.

Osborne announced in his 2012 Budget new measures to remove tax avoidance whereby firms will pay Stamp Duty of 15% if they are bought by companies and an additional 7% Stamp Duty band for properties over £2m.

But Simon Rubinsohn, chief economist at RICS, says: “By replacing the slab structure with a marginal system, he could have ensured that those at the top end of the market contribute fairly as well as helping those struggling to get onto the property ladder.  

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India budget: BJP focuses on growth

By Kunal Desai, Head of Indian Equities

With markets kept open on Saturday, finance minister Arun Jaitley delivered a promising budget focused on growth and decentralisation. While many complained about a six-day working week, there was much to be pleased about and the markets rallied in the afternoon to finish in the green.