Knight Frank expert: Tax reforms could benefit UK housing market
Date posted: 28 May 2010
The coalition government should consider reforming certain property taxes in order to support the country's housing sector, an expert suggests.
Published by Tim Hill.
In order to support the UK's housing market, ministers should look at ways in which they might be able to reform certain property taxes, it is believed.
According to the head of residential research at Knight Frank, Liam Bailey, taxes relating to areas such as retrofitting and stamp duty could be reviewed by the coalition government.
He commented: "The removal of VAT on the refurbishment and renovation of our existing housing stock would be a significant step forward, particularly when we come to think about retrofitting green technologies."
Meanwhile, Mr Bailey went on to note that amendments to the stamp duty slab structure that is currently in place in the UK could be considered by the nation's politicians.
In an article published on the Knight Frank website, the expert also gave his backing to plans outlined by the government to scrap home information packs earlier this month.
People will save money as a result of this decision, he suggested in the piece.
Please contact Michaela Henson, Head of Property for further information or call 01223 225178
Click here to email or call on 0207 382 8060.
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