Accountants have joined the ever-increasing line of agents and politicians calling for changes to Stamp Duty.
The Association of Accounting Technicians (AAT) trade body has written to MPs calling for the controversial property tax to be switched from buyers to sellers.
This has been suggested previously by Simon Gerrard, managing director of Martyn Gerrard, as well as Yorkshire Building Society, but the Treasury is yet to take notice.
The AAT said such as change would increase transactions, maintain receipts for the Treasury and remove the charge for every first-time buyer, making it fairer as home owners are more likely to have the funds compared with those not yet on the property ladder.
The AAT does concede that some sellers may simply add the cost on to the asking price of the property, but said even if this did prove to be the case in some instances, then the buyer will still benefit from a lower upfront cost.
Phil Hall, head of public affairs and policy at the AAT, said: “AAT has long recommended switching Stamp Duty liability from the buyer to the seller which would lead to a Stamp Duty reduction for every house buyer in the country.
“It would also eliminate Stamp Duty for all first-time buyers without having to waste £670m a year on the latest subsidy scheme which came into force for first-time buyers last November.
“Given this would help address the concerns Boris and many others have expressed, whilst simultaneously protecting the £9.3bn of tax receipts that residential Stamp Duty generates, switching liability to the seller seems like a no-brainer.”