Stamp duty should not be the priority issue for first-time buyers looking to access the property market, according to one property tax expert.
Lakshmi Narain, chairman of the property taxes sub committee at the Chartered Institute of Taxation (CIOT), said that although people will "always talk" about the stamp duty in relation to first-time buyers, the main issues facing people trying to get onto the property ladder are financing and which type of mortgage to take out.
However, Mr Narain did highlight the fact that stamp duty is currently applied differently to leasehold and freehold properties and it would make sense to equalise the two systems.
"It would be very helpful if there was a rational system," he argued.
Stamp duty is charged when an individual buys a residential property and is separated into four different thresholds which are dependent on how much the house, flat or apartment costs.
The CIOT is a charity which aims to increase awareness and education surrounding taxation.
See Also: Property News (0)
Date Published: 20 July 2007
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