Stamp duty is one of the biggest nightmares for any property developer. The National Association of Estate Agents (NAEA) set out some proposals to deal with stamp duty issues. The NAEA proposals include increasing the one per cent threshold to £200,000 and £300,000 for the two percent threshold, for £2 million-plus properties they’ve proposed a 4.5 percent tax.
The NAEA also wants to cut the capital gains tax (CGT) which benefits primarily buy-to-let investors aiming to make it easier to buy and sell property thus add flexibility to the property market. Commenting on this proposal, Stewart Lilly, the president of the NAEA stated:
we would also like to see a revision of capital gains tax for buy-to-let investors who are fast becoming the backbone of the private rental sector
Let’s hope that the chancellor Alistair Darling take these proposals into consideration for the next budget, just weeks away. Currently, the UK property market is facing many challenges therefore this is the time for all interested parties to bring their ideas to the table.
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