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Property tax needs reform, says Charcol

24 November 2004
Charcol is calling for fundamental changes to property taxes.

The Government often claims wants to be rid of inequality in the tax and benefits systems, but Ray Boulger of Charcol believes the stamp duty proeprty tax is grossly unfair.

"Abolishing this tax is clearly a non-starter and so Charcol would like to see it reformed to reflect the way income tax is structured," he said.

"With income tax, the higher percentage rates of tax are only payable on the amount of income over certain thresholds. However, with stamp duty land tax, once you reach a certain level, borrowers are forced to pay the higher percentage on the total amount."

Mr Boulger added: "Stamp duty has become more of a key issue for many potential first-time buyers. The proportion of loans made to first-time buyers has been steadily falling for 5 years.

"For many potential first time buyers stamp duty land tax is one burden too many in preventing them from buying their first property and this unfair tax is ripe for reform."

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