Chancellor Sajid Javid says I won’t shift Stamp Duty Tax To Sellers.
Chancellor Sajid Javid has said he has no plans to make house sellers rather than buyers pay stamp duty tax.
Mr Javid was considering the idea, to save first-time buyers from paying the tax after His comments came on the Times reported on Saturday that
Stamp duty – a purchase tax paid in England and Northern Ireland on properties worth more than £125,000
In the interview with the Times, Mr Javid refused to give details of his plans to reform the tax system, instead saying “wait and see for the Budget” which is due to take place in the autumn.
Forcing home sellers rather than buyers to pay the stamp duty tax would have made house purchases cheaper for those buying their first home or people trying to upgrade to larger homes, but could have made owners of larger homes reluctant to downsize.
“He said that he was looking at various options when asked about stamp duty reforms including reversing liability from those buying property to those selling”. The report added
Mr Javid also said he had not yet decided whether to hold the Budget before 31 October, the date the UK is expected to leave the EU.