View more on these topics

Tories attack Darling’s stamp duty ‘denial’

The Conservatives have blamed the Government’s uncertainty over proposed stamp duty levies as the reason for more housing market chaos.

The Treasury’s Shadow chief secretary Philip Hammond accused the Government of being in denial over the fallout from its stamp duty policy.

Hammond says: “The Government’s position on stamp duty is a toxic combination of chaos and denial.

“First the Chancellor refused to rule out a suspension of stamp duty. Then the Treasury denied it was on the table. Then the Housing Minister told the BBC the Government is considering it after all.”

The Tories are claiming that they have evidence from estate agents across the country proving buyers are pulling out as a consequence of the Government’s mixed signals.

Hammond adds: “This continued dithering over a crucial area of tax policy is undermining the housing market and damaging the wider economy. It’s hard to know which has suffered most this week – the Government’s credibility, or confidence in the housing market.”

The Tories are not alone in their call for clarification: the Royal Institute of Chartered Surveyors has also asked for “immediate clarification” of any proposed stamp duty changes.

Barratt homes is using the Chancellor’s indecision as a marketing ploy – the home builder is offering to pay its customer’s stamp duty regardless of any Government plans.

Barratt sales director Sandra Dixon says: “The newspapers have been full of stories saying that the Chancellor may either allow homebuyers to put off paying Stamp Duty or even let them off paying it altogether. But no official announcement has yet been made and it is possible that nothing will change.

“We don’t want our homebuyers to worry about whether they should buy now or wait to see if the Chancellor makes a change to the rules.

“That is why we are offering to pay their Stamp Duty for them. So if you buy a home from Barratt it doesn’t matter what Darling eventually decides.”

Recommended

Painless extraction

Combining the CGT annual exemption allowance with the part-disposal calculation of gains under collective investments means the above scenario can easily be achieved and extend beyond the return of the original capital invested.

Para planning

Tony Blair, remember him, once said the three most important matters for his government were education, education, education. Well, as the RDR rumbles on, it is clear that, apart from remuneration, this will be the key issue in establishing financial advice as a profession.

‘How to…audit your auto-enrolment scheme compliance’

Avoid pension penalties with our auto-enrolment checklist

According to the Pensions Regulator’s annual commentary and analysis report released this month, 785 potential non-compliance cases were referred for investigation, with 23 auto-enrolment compliance notices issued. And they predict that the use of their statutory powers is only going to increase.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com