Tories promise to scrap stamp duty if they win next election
Kemi Badenoch aims to boost the housing market by scrapping stamp duty on primary homes, citing over 800,000 stalled moves and funding the plan through public sector savings.
- On October 8, Conservative Party leader Kemi Badenoch unveiled plans to abolish Stamp Duty Land Tax during her keynote at Manchester Central, a surprise pledge that drew a standing ovation from conference attendees.
- Facing market bottlenecks, Badenoch said over 800,000 homeowners have shelved moving plans in two years because of Stamp Duty Land Tax, which she called a barrier to housing.
- Institute for Fiscal Studies figures show abolishing stamp duty on primary residences would cost around £4.5bn, while the Conservative Party estimates the cost at £9 billion by decade’s end.
- Property market analysts hailed the policy as it would apply only to primary residences, with Property industry voices saying it would free up stock and boost related trades.
- Given other conference commitments totaling �21.1 billion, Badenoch said she would implement it only if the Conservatives win the next general election, without explaining funding, making implementation unlikely soon.
58 Articles
58 Articles
Badenoch Vows to Abolish Stamp Duty as She Closes Tory Conference
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