The Society of Licensed Conveyancers has become the latest body to call for Stamp Duty Land Tax to be scrapped.
It said that there are additional benefits to those propounded by the TaxPayers’Alliance, which give even greater reason for the Government to give serious consideration to the proposal.
Simon Law, chairman of SLC, said: “Stamp Duty Land Tax is perhaps the most inaccurately named tax in existence.
“There is no stamp involved, it is not a duty, and it is on assessed property values rather than land.
“In fact the only word that is in any way accurate is ‘tax’. In reality SDLT is a direct property transaction tax.”
SLC said that SDLT has become unwieldy and “ridiculously complicated” due to rushed legislation which appears to be having the opposite effect to which it was intended.
Conveyancing lawyers are now expected to help their clients navigate around the very poorly drafted regulations that govern the tax and this it said causes delays and at times causes transaction failure.
Law added: “It is ironic that the Government is engaged in a review to improve the home buying process when it has introduced legislation that actually makes the process more complicated and tortuous. It is an insult on top of this that HMRC looks to conveyancing lawyers to act as tax collectors.”
The Society said scrapping SDLT would not only create a more buoyant and vibrant property market, with a marked hike in investment and building of new homes, but also a much quicker and more straightforward home buying and selling process