Stamp duty is the gift that keeps on giving to the chancellor

Chancellor Philip Hammond made no mention of stamp duty in his 2017 Spring Budget, despite mounting evidence that the tax is in part fuelling the housing crisis. Lower receipts, fewer transactions and a slower rate of house building have come to define a policy that the industry believes is preventing the housing industry from performing its role effectively. The effects are being disproportionately felt in the capital where prices are much higher than in the rest of the country. Prior to the Spring Budget the Treasury had assessed the effect of stamp duty on both residential transaction levels and on revenue achieved. But Hammond ruled out action, suggesting he would assess the need for further revision later in 2017. Council tax Any reform is still on the back burner even though a revaluation of properties 20 years overdue. Cash-strapped councils are under pressure to increase bills to pay for social care, but the banding system means the wealthiest homeowners will be the biggest winners as the most expensive homes pay the same as some that are more modestly priced. A long list of changes announced in previous Budgets and Autumn Statements will come into force from April onwards. They include: ○  The start of a gradual process allowing people to pass on property to their descendants free from some inheritance tax. ○  Many buy-to-let landlords will see the amount of tax relief that they can claim on mortgage interest payments cut over the course of four years from April. They will only be able to claim at the lower rate of tax, not the higher.