Conservative Party leadership contender Boris Johnson has confirmed his interest in switching Stamp Duty liability from the house buyer to the seller.
The switch has been proposed over the years by a number of critics of the existing system, including the Association of Accounting Technicians.
Johnson has now met with the AAT and agreed to examine their Stamp Duty recommendation further, requesting further information which has subsequently been provided.
Phil Hall, AAT head of public policy and public affairs, said: “We are naturally pleased that Boris has agreed to look at our long-standing proposal to switch Stamp Duty liability from the buyer to the seller.
“This will save the taxpayer £700m a year by rendering the exemption to first-time buyers redundant.
“It will also protect the £9bn of revenue that Stamp Duty generates as it will still be paid in full, simply by different people. It’s much more progressive too, as it will be paid on the lower priced property being sold, rather than the higher priced property being bought.”
Johnson has already suggested that he would scrap Stamp Duty for homes worth £500,000 or less, prompting concerns that this could stall transactions if he does become the next Prime Minister, while buyers decide to wait and see whether it would be worth their while to hold on.