Ahead of rumours the Chancellor is planning to cut stamp duty, the CPS Head of Tax Tom Clougherty welcomed such a move.
In comments reported by the Daily Telegraph, Clougherty said a cut would be “a watershed moment for the housing market. It will liberate supply and boost productivity.”
Research by the CPS found that housebuilding rates respond directly to transaction levels, with developers historically building one home for every 8.5 transactions.
“The Government could cut stamp duty and the tax revenue wouldn’t necessarily fall, because it will encourage more moves and in turn more housebuilding,” he added.
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Date Added: Thursday 22nd September 2022