SDLT 'needs to be reformed', study suggests

10 Feb 2022

Research carried out by mortgage lender Butterfield Mortgages has suggested that stamp duty land tax (SDLT) is outdated and needs reforming.

A survey of 1,125 homeowners carried out by Butterfield Mortgages found that 67% think the government should create a simpler system for taxing property transactions.

23% of those polled stated that SDLT is currently barring them from getting onto or moving up the property ladder. Meanwhile, 70% said that overseas buyers should pay a higher SDLT surcharge.

Additionally, 62% of survey respondents said that inheritance tax (IHT) should be abolished for properties passed down upon death.

Alpa Bhakta, CEO of Butterfield Mortgages, said: 'The stamp duty holiday has placed property taxation firmly in the limelight, and our timely research shows there is significant demand among homeowners across England and NI to see a major overhaul of the tax.

'Primarily, the majority are hoping for a fairer alternative to be implemented, with greater surcharges targeted at overseas buyers and landlords.'