Rachel Reeves was urged to eliminate the “Sin Tax” in the Seal of the Budget by TV experts who faced TV Pretersor’s calls to call it an annual property tax.
Allsopp, presenter of Channel 4’s property shows including location, location, location, said “people are overflowing” about the potential blocking of Stamp duty, ahead of the 26 November Budget.
Speaking to the MPS at the Treasury Committee, he said: “We must be careful not to see the purchase of property as a sin, because it is a sin tax. It’s like cigarettes and alcohol and first class travel.
“You’re actually being penalized for wanting to buy a more expensive property than before, and that’s wrong … everyone tells you it’s an economic positive to encourage people to move home.”
The Treasury is considering a new sales tax on homes worth more than £500,000 as a step towards a radical overhaul of Stamp Duty.
The Treasury also reported changes to the capital gains tax on primary homes (at the higher end), and a “mansion tax” on more expensive properties.
The comments came as Taylor Wimpey, one of the UK’s largest housebuilders, reported a drop in sales during the key autumn period of potential buyers buying buyers.
Some experts who wrote to the committee also said that the duty of the seal, that is Purchased property purchases for £ 125,000should be eliminated.
Kate Willis, Taxation Technical Officer at the Chartered Institute of Taxation, said: “It’s easy to collect. It’s hard to collect. but Economists almost universally agree that this is driving economic activity away. “
Richard Donnell, Zoopa’s Director of research at property developer Zoopla, said 40% of first-time buyers bought for £160% of the property’s value – “so that’s a big hit for them”.
He added: “You also get a lot of people out of home ownership and that puts a lot of pressure on the rental market.”
Tim Lunig, Director of Economics in the public consulting first consulting and former adviser to many ministers who come from a place with a better job and like this. And as a result, GDP is lower.
“Tax returns are lower, from income tax, VAT, etc. The people who are the biggest losers are young people because they are always on the move.
But he warned that if the stamp duty was lost, house prices would rise, particularly in London.
Instead, Leunig proposed an annual tax to be paid by buyers of houses in excess of £ 500,000. In one reporting for the center’s right-wing forward thinkinghe proposed a 0.54% per annum mortgage on the value of the house, with a higher rate for any house worth more than £1m.
Asked about a fraudulent mansion tax, for example a setting of 1% on properties worth more than £2m, many more properties worth £1.9999m. “
Leunig said: “I’m not sure why someone who pays £2m for a house should be taxed more than someone who spends half of that money on a house in the south of France, or on a yacht. If you’re going to have a wealth tax, you should have a wealth tax, rather than isolating one form of wealth.”