Stamp Duty: Stupid and Unfair
May 24th, 2006 | POSTED BY ROB
The This Is Money blog has a nice little rant on stamp duty, and calls it the stupidest and most unfair tax.
It baffles me as to how in this day and age it can be considered reasonable that a tax can be applied in such a painfully dumb fashion – on a home’s entire value once it crosses a threshold and paid by the buyer.
It is of course the buyer that has to pay the stamp duty - wouldn’t it be an idea for the seller to pay the tax instead? That way, you wouldn’t be punishing first-time buyers who find it expensive enough to buy a house in the first place. Having just been stung by this particular tax (as a first-time buyer), I’m probably a little biased though.
If you need a refresher, you may wish to view the stamp duty rates