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The government is being urged to scrap the \u201canachronistic\u201d Stamp Duty Land Tax by a property sector coalition. <\/span>The \u20181808 Coalition\u2019 feels that Stamp Duty should be reformed because its \u2018slab\u2019 structure tends to unfairly distort the UK\u2019s property market.\u00a0<\/span>The stamp duty is like a \u201crelic\u201d belonging to another age that fails to recognize the modern British property market.\u00a0 The 1808 Coalition formed by the NAEA and ARLA addresses the issue of \u201cmodernizing\u201d Stamp Duty in the run-up to the Pre-Budget Report.\u00a0 86 per cent of the UK\u2019s estate agents feel that the tax is unfair. 81 per cent of agents believe that if the Government makes an announcement to reform Stamp Duty, there would be a very positive effect on the beleaguered property market.\u00a0In fact, 91 per cent of estate agents surveyed feel that the current Stamp Duty \u201choliday\u201d for properties worth \u00a3175,000 or lower which is due to expire imminently should be extended. Stamp Duty prohibits entry of many first-time buyers and prevents those looking for a step up the property ladder. Those investing in buy-to-let portfolios are unfairly penalised and have to pay Stamp duty on bulk price whereas individual buy-to-let investors pay a lower rate on the individual unit price.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" The government is being urged to scrap the \u201canachronistic\u201d Stamp Duty Land Tax by a property sector coalition. The \u20181808 Coalition\u2019 feels that Stamp Duty should be reformed because its \u2018slab\u2019 structure tends to unfairly distort the UK\u2019s property … Continue reading