Calls for House Sellers to Pay Stamp Duty Instead of First-Time Buyers: Man and Van Comments


London, England -- (SBWIRE) -- 03/17/2017 -- Last week Andrew McPhillips (economist at Yorkshire Building Society) called on the chancellor to change the stamp duty law, stating that he and many others believe that stamp duty should be paid by the sellers of homes and not the buyers. The reason behind this is to reduce costs for first-time house buyers, enabling more young people to get on the property ladder.

However, although this may first of all appear to be perfectly logical and a good idea, economic professors and public finance experts were left weeping tears of frustration. The phrase 'too good to be true' may spring to mind. This is because if sellers were required to pay the stamp duty, they would more than likely bump their house prices up a little to cater for this – leaving first-time buyers no better off.

The same logic applies to Value Added Tax. This is the tax which is paid to HM Revenue & Customs by retailers and companies; however it is really consumers who pay the VAT because when the VAT rate increases, prices tend to rise alongside.

A spokesperson from Man and Van was incredibly keen to comment saying, "Here at Man and Van we have heard a number of people saying that they are going to wait buy a house until the stamp duty is changed to be paid by the seller, however we would urge people not to do this as not only is there still uncertainty as to whether it will happen, but also could offer little to no benefit away. If you are moving house and would like to book our affordable man and van services, simply get in touch today."

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Man and Van is London's leading man and van firm, offering their superior services to all. With many years' experience and a range of quality vehicles, whether you are looking to move house, office or anything else they are certain to be able to assist you. To see more information about the company and their services take a look at their website.

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