Research carried out by mortgage lender Butterfield Mortgages has suggested that stamp duty land tax (SDLT) is outdated and needs reforming.
A survey of 1,125 homeowners carried out by Butterfield Mortgages found that 67% think the government should create a simpler system for taxing property transactions.
23% of those polled stated that SDLT is currently barring them from getting onto or moving up the property ladder. Meanwhile, 70% said that overseas buyers should pay a higher SDLT surcharge.
Additionally, 62% of survey respondents said that inheritance tax (IHT) should be abolished for properties passed down upon death.
Alpa Bhakta, CEO of Butterfield Mortgages, said: ‘The stamp duty holiday has placed property taxation firmly in the limelight, and our timely research shows there is significant demand among homeowners across England and NI to see a major overhaul of the tax.
‘Primarily, the majority are hoping for a fairer alternative to be implemented, with greater surcharges targeted at overseas buyers and landlords.’