Abacus Daily Debt News

Chancellor urged to reform stamp duty

A financial institution has written to the chancellor urging him to raise the stamp duty limit in tomorrow’s Budget in order to aid the property market.

Nationwide Building Society wants the threshold for the tax to be increased to £250,000, a move that it said would boost activity in the housing sector and help borrowers.

Chief executive Graham Beale said that lowering the figure will "reduce the burden that stamp duty places on first-time buyers in particular".

He continued: "The time is now right for reform," arguing that implementing the changes now will have a lesser effect on tax revenues than it would at the "height of the market".

In addition, the building society wants the Budget to encourage people to save their money, calling for an overhaul of the Individual Savings Accounts system.

Meanwhile, the Child Poverty Action Group has urged the government to support low-income households through the Budget announcement.

By Jamie Price