Everyone’s favourite opinionated buying agent Henry Pryor has battled it out with economists and academics over how much Stamp Duty is stifling the market.
It all started when Helen Miller, associate director and head of tax for the Institute of Fiscal Studies (IFS), described Stamp Duty as a “contender for the UK’s worst tax”.
Commenting on recent research from the London School of Economics showing how the tax limited mobility, she tweeted “Stamp Duty is a strong contender for UK’s worst tax. Why should tax be higher on homes that change hands more frequently? It shouldn’t!”
She later posted research by the IFS showing Stamp Duty creates a disincentive to move.
But Pryor questioned these claims, tweeting: “It (Stamp Duty) raises significant revenue and was reduced for most buyers and it comes out of the deal.”
Professor Christian Hilber, who co-authored the LSE research, then joined in, adding: “It’s (Stamp Duty) not the main problem – the planning system is – but it contributes.”
Difficult to know where to start with this..
Reduces rate of moving?
Higher on homes sold more frequently?
I need a lie-down.. https://t.co/Kh0RaWopPK
— Henry Pryor (@HenryPryor) August 17, 2017
2/2 Suggest we email in first instance. PS: My 'convictions' are all based on evidence, which suggests overwhelmingly SDLT is a BAD tax!
— Christian Hilber (@ChrisALHilber) August 17, 2017
They then agreed to converse over email just as it was getting interesting.
Oh well, back to checking Donald Trump tweets!