David Wighton in The Times writes the Institute of Fiscal Studies (IFS) suggests scrapping stamp duty and reforming council tax. Today’s banding system favours the rich – if you live in a house valued at£320,000 in 1991, you’ll pay the same as someone in a £50m house. Under the IFS’s system, payments would be around 0.6% of current values. Sure, cash-poor widows in mansions would suffer. But why shouldn’t people be encouraged to use their assets more efficiently and make better use of Britain’s limited housing stock?
