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Budget 12: Osborne missed opportunity to reform Stamp Duty system, says RICS

Copyright Prime Minister’s Office

The Royal Institution of Chartered Surveyors says the Chancellor George Osborne has missed an opportunity to reform the whole Stamp Duty system rather than” tampering at the edges” with his latest Budget.

Osborne announced in his 2012 Budget new measures to remove tax avoidance whereby firms will pay Stamp Duty of 15 per cent if they are bought by companies and an additional 7 per cent Stamp Duty band for properties over £2m.

RICs chief economist Simon Rubinsohn says: “By replacing the slab structure with a marginal system, he could have ensured that those at the top end of the market contribute fairly as well as helping those struggling to get onto the property ladder.  

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