Thursday, January 20, 2011
OECD calls for SDLT reform
The Organisation for Economic Co-operation and Development (OECD) has called for the abolition of stamp duty to revive England's housing market. OECD economists speaking at the launch of the OECD's report, Housing and the Economy: Policies for the Renovation, said the abolition of stamp duty would reduce barriers to entry in the housing market. Asa Johansson, OECD economist, said stamp duty should be replaced with an increased council tax where part of the funds went to local councils and part to the Treasury. She said: "I think stamp duty should be removed and replaced with a property tax based on the value on the house. "It adds on costs for people entering the market."