Property Stamp Duty Suggested Reforms

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?