No delay to stamp duty reform
The Treasury has dismissed calls from the Tories to delay reform of stamp duty on commercial property, saying it would only prolong tax avoidance.
Paul Boateng, chief secretary to the Treasury, said any delay would allow businesses to continue to avoid pay stamp duty on £10bn a year of property transactions.
‘It is inevitable the legislation will need to be refined over the next couple of years,’ Boateng said.
He made these comments in response to a letter from Tory shadow chancellor Michael Howard, who said the proposed rules would protract uncertainty for business and property owners, the FT reported today.
The Treasury said new rules would come into place on 31 December, unless a better alternative is proposed by industry.