Stamp Duty should be abolished for most homes, Tory MPs tell Rishi Sunak

Jul 04, 2023

STAMP Duty should be abolished for the vast majority of homes, more than 50 Tory MPs will tell Rishi Sunak.

The Conservative Growth Group of backbenchers wants the "unfair" tax to be scrapped for buyers who intend to live in the property - but not for second homes.

It is drawing up a paper which will blame the levy for making it harder for Brits to get on the housing ladder.

Chair and ex-Cabinet Minister Ranil Jayawardena told the Sun on Sunday that Stamp Duty is "not at all Conservative and not very British".

He said: "We should be making it easier for people to get on and up the property ladder at an early age, and to climb down the property ladder in later life.

"People buy their home out of taxed income. Why double tax them for buying what for almost everyone is their biggest purchase?

"It punishes first-time buyers and second-steppers alike and makes it much more difficult to join the home-owning democracy."

Stamp Duty is paid at 5 per cent of a property more than £250,000, and 10 per cent on anything more than £925,000.

The Growth Group - largely made up of Liz Truss' former supporters - will also demand one million more homes are built in London.

Last week the group called on Chancellor Jeremy Hunt to slash Inheritance Tax.

A Treasury spokesman said: "We’ve cut stamp duty on 98 per cent of all properties and just under half of all purchases pay no stamp duty at all.

"Stamp Duty is an important source of Government revenue, raising £14billion in 2021-22 to help pay for the public services like the NHS, police and schools."