Calls for the devolution of stamp duty to councils

The research found that by retaining the £4.2 billion raised in stamp duty every year, London could finance double the number of new homes being built.

Bacon said: “I welcome the chancellor’s decision to devolve business rates to local councils, now stamp duty should be next on the list.

“My sums show that if the Capital uses its stamp duty on constructing new homes, it can more than double house building from 20,520 to 42,614 every year. It’s time for London to finance its way out of its housing shortage through common sense reforms.”

The Mayor of London Boris Johnson has also voiced his support of the proposal to devolve stamp duty to London government.

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Event Diary

DISCOVER | DEVELOP | DISRUPT

UKREiiF has quickly become a must-attend in the industry calendar for Government departments and local authorities.

The multi-award-winning UK Construction Week (UKCW), is the UK’s biggest trade event for the built environment that connects the whole supply chain to be the catalyst for growth and positive change in the industry.