Propertymark calls for ‘comprehensive’ tax review in Budget

Propertymark is calling on the government to commit a “comprehensive” review of property taxation.

Ahead of John Healey’s Budget speech tomorrow (28th October), the membership organisation for UK estate agents has argued the sector has suffered from the cumulative effect of successive taxation regimes.

Propertymark is arguing for a reset, calling the Budget speech an “opportunity” to establish a “more coherent, long-term framework for property.”

This includes introducing a more stable and proportionate tax system for landlords with the aim of giving them greater confidence to invest and grow choice for renters.

Stamp Duty has been targeted in particular by the group, which argues this creates a “significant” upfront cost for buyers and can discourage property moves.

As such, Propertymark would welcome a review of this tax’s rates and thresholds.

Additionally, Propertymark is calling for greater scrutiny of issues such as the High Value Council Tax Surcharge which it argues warrants a more “joined-up approach” and that energy efficiency targets justify greater financial support for developers and landlords.

“The Autumn Budget is an opportunity for the UK government to establish a more coherent approach to property taxation, rather than introduce further isolated changes without assessing their combined effects,” wrote Propertymark in an open plea to the government.

“The UK Government has recognised the value of reviews and commissions across other policy areas.

“Propertymark believes the housing sector deserves the same opportunity for a thorough assessment of the cumulative impact of taxation.

“A comprehensive review would be an important first step towards a healthier housing market and better outcomes for homeowners, landlords and tenants.”