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CML hits out at government tax policies

Home-owners are over 10bn a year worse off than in 1994 because of the Governments tax policies, says the CML.

Twelve years ago, tax relief on mortgage interest and income support paid to home-owners outweighed stamp duty payments and inheritance tax, meaning they were net gainers to the tune of 2.6bn.

But they are now 7.5bn in the red after relief on mortgage interest was abolished, coupled with the rise in stamp duty and IHT.

The CML estimates that the amount of tax paid on residential property left in people’s estates has more than doubled in the last 10 years and now accounts for at least 35% of IHT revenue.

The amount of tax paid on people’s total estates has more than doubled from 1.4bn to 2.9bn in the 10 years to 2005.

CML head of research Bob Pannell says: “The failure to index thresholds for both inheritance tax and stamp duty means that the tax burden on home-owners has grown significantly in recent years.

This sits oddly with the Government’s stated goal of extending home-ownership to three-quarters of the population.


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