The UK's stamp duty land tax is unfair to people on lower incomes, penalises first time buyers and is in urgent need of reform, says the Royal Institution of Chartered Surveyors (RICS).
Publishing an alternative proposal that would remove market distortions, help more first time buyers and maintain revenue neutrality for HM Treasury, RICS is calling on the Government to overhaul the oldest tax administered by HM Revenue and Customs. The 0% band for this tax is £1-£120,000 whilst the average UK house price is £185,788. Upfront costs are a major issue for first time buyers, resulting in many remaining in the rental market.
RICS members recently reported the biggest increase in tenant demand in nearly five years.
