The Conservative leadership frontrunner, Boris Johnson, has said it is time to consider switching stamp duty liability from the house buyer to the seller.
Johnson, who has already vowed to order a Treasury review in time for his first Budget if he becomes Prime Minister, last year stated that stamp duty was “absurdly high”, while last month he suggested he would consider scrapping it for homes worth £500,000 or less.
Earlier this month, Johnson met with the Association of Accounting Technicians (AAT), which initially proposed the idea to switch stamp duty from to buyer to the seller, with a view to examining their stamp duty recommendation further, requesting further information which has subsequently been provided.
Phil Hall, AAT head of public policy and public affairs, commented: “AAT is naturally pleased that Boris [Johnson] has agreed to look at our long-standing proposal to switch stamp duty liability from the buyer to the seller.
“This will save the taxpayer £700m a year by rendering first-time buyers relief redundant. It will also protect the £9bn of revenue stamp duty generates as it will still be paid in full, simply by different people.
"It is also much more progressive as it will be paid on the lower priced property being sold rather than the higher priced property being bought.”