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It's an incentive for people to improve their homes.
If you sacked it off now, but kept SDLT unreformed, you would be shutting the door about ten years after the horse has bolted.
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It'd kill any chance of downsizing properties so probably wouldn't be good for the supply of larger properties.
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It would increase the number of people stuck in their first home (flat), no?
The rungs of the UK property ladder are already too far apart for the average resident to move up (kids, etc).
Huge penalties on second homes would get my vote. Clamp down on property purchase vehicles wherever possible (kids, offshore, etc).
Howard
aggi
JonoMarshall
@Stonehedge
How about Capital Gains on sale of primary residence? This has always struck me as an unfair tax break for property owners.