Stamp duty 'unrealistic'
Stamp duty needs to be "readjusted" to a level that will only tax higher earners, one sector commentator has claimed.
David Amstell, founder of Briffy.com, said that the duty was introduced to tax the rich but that currently it was the average Briton who was being forced to pay out.
"Maybe in the provinces it is not so bad because properties are much cheaper, but certainly London and the wider area are populated by the average man in the street and we are being expected to pay massive stamp duty tax," he explained.
Mr Amstell added that stamp duty was currently "unrealistic" and that it was no longer doing what it set out to.
Britons who are concerned about stamp duty and rising house prices in the capital may find that property to rent in Greenwich and other London boroughs is a more affordable option.
This may be particularly advisable as following the recent stamp duty holiday, from next year, stamp duty will be reinstated on properties worth more than £125,000.
Written by Andy Britten
Published 11th September, 2009
© 2009 Estates IT Limited
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Property owners in London are being expected to fork out large sums for stamp duty, it has been claimed.