RARE ALERT: HM said to be weighing major changes to property taxes; may even abolish stamp duty - part 2
Several London-based Betavillers were rather interested in my RARE alert a few weeks ago about HM Treasury's potential changes to stamp duty.
Well, if Philip Hammond, Chancellor of the Exchequer, does bring about major changes to stamp duty ( here is the link to my previous story - https://www.betaville.co.uk/news/rare-alert-hm-treasury-said-to-be-weighing-major-changes-to-property-tax-may-even-abolish-stamp-duty/) it won't just be London-listed housesbuilders that will be affected. As you can imagine, several loyal readers own multi-million pound houses in London, the United Kingdom, that have seen their values go down recently because of the stamp duty increases brought about by David Cameron and George Osborne a couple of years ago.
So, I have spent the last few weeks interogating bankers well connected with the Tory party about they had heard the same RARE (don't forget when I posted the previous story it was done as a "RARE" Alert - disclaimer below).
Anyway, according to one prominent City figure who attended the recent Tory party conference, the suggestion from Philip Hammond in private was that it does seem very unlikely he will abolish stamp duty altogether.
And don't expect major changes to the current stamp duty regime, too, he says, as it generates a substantial amount of tax revenues for the country.
Perhaps, then, the idea being put about a few weeks about significant changes to stamp duty was just wishful thinking on the part of bankers, hedge fund managers and City analysts who own the multi-million pound homes that have seen prices hit by high stamp duty charges?
I gues we may find out at the Autumn statement coming up in the next few weeks...
For readers unfamiliar with the RARE concept, I have pasted the disclaimer below:
Market gossip that hasn't been tested through all formal journalistic channels (public relations executives, bankers etc). The rumour might be total codswallop but then again there may be something in it, so it's worth airing on Betaville.