CROYDON WANT STAMP DUTY REVENUE

Despite the recent announcement that Chancellor George Osbourne won’t be redirecting stamp duty revenues in line with any future devolution deals, a development group in Croydon is still hoping for good news come his Autumn Statement on December 3rd.

Their wish is that the government pilots the redirection of locally generated stamp duty taxes to help the town to reach its “economic potential”, as this would reinforce a proposed £5.25bn local investment programme.

In a letter addressed to the Chancellor, Richard Plant, Chairman of the Develop Croydon Forum Group, wrote that the borough “needs devolved tax powers, including a stamp duty pilot”.

The Develop Croydon Group is a non-profit Community Interest Organisation which consists of 55 private sector partners who are backed by cross-party support, the Greater London Authority (GLA) and the Mayor of London.

WHAT DOES CROYDON WANT?

In their proposal, entitled Our Time is Now, the group has asked for additional funding to kick-start commercial development.

A plea was made to assist with the rapid regeneration needed in the area, following years of decline leading up to the 2011 riots.

The aim is to build 8,300 new homes and bring in 23,600 new jobs to the area over the next 20 years.

STAMP DUTY DEBATE GOES ON

Despite the ongoing debate about property tax legislation in the UK, we are still unaware of any plans to amend the current system. The Develop Croydon Group will have to wait until the Chancellor’s Autumn Statement to hear if there is any positive news regarding their proposal.

Following the statement, we will respond to any changes which affect stamp duty land tax in our blog.

Our services, guidance and legally compliant tax mitigation processes are able to help those obliged to pay high amounts on residential property purchases.

Fiducia can help you secure your long-term finances, call us today on 01625 599 200 to find out more.