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03/12/2009
Tax law change opposed |
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A proposed change in the law that would see tax levied on property to keep house prices in check has been opposed by an estate agent.
Bank of England Monetary Policy Committee member Adam Posen suggested that taxes should be increased or decreased according to the state of the market to prevent a boom-and-bust situation.
But senior partner at Prickett & Ellis Nigel Ellis accused Mr Posen of being "the usual economist looking for easy answers".
He added that the plan was probably "a non-starter" and argued the upcoming Pre-Budget report will not see the government do anything "controversial" with a general election approaching.
Those looking to deal with the existing taxes and laws concerning residential property may wish to speak to a property lawyer.
Earlier this week, backbench Labour MP Lindsay Hoyle sponsored an early day motion in the House of Commons calling for the current lowest threshold for stamp duty to stay at £175,000 beyond December 31st.
Written by Anna Norton
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