As Scotland considers altering the way residential stamp duty is levied, more pressure may be put on the UK government to change the ‘slab structure’, says Knight Frank
Although real estate professionals were unhappy that there was no reduction in residential Stamp Duty in last week’s Budget, it could still happen, says leading agent, Knight Frank.
Chancellor George Osborne avoided changing the stamp duty ‘slab structure’ this time around, but with Scotland considering changes to its system, he could still do so before the 2015 general election, says Knight Frank’s latest UK Residential Market Update.
Gráinne Gilmore, Knight Frank’s Head of UK Residential Research, says, “There was some disappointment that the Chancellor again side-stepped the ‘slab structure’ of stamp duty charges. There have been calls to make the tax more progressive, so that it increases in increments, much like income tax, rather than being levied at one rate across the whole value of a property.
“The fact that policymakers in Scotland plan to make just such a change before April 2015 for homes north of the border may put more pressure on the Government in the coming months.
“However Mr Osborne may be putting what would be a universally popular move into his back pocket …read more