12 Mar

AMI calls for stamp duty axing

AMI calls for stamp duty axing

Stamp duty should be abolished on all residential property, the Association of Mortgage Intermediaries (AMI) has said.

AMI director Robert Sinclair called for chancellor Alistair Darling to do away with the tax in the Budget next month as a way of stimulating the housing market and aiding first-time buyers.

He added: "In the longer term AMI proposes providing targeted tax-free savings plans in order to help first-time buyers obtain the capital required for a lender deposit."

Mr Sinclair also suggested the government should "re-invent" mortgage indemnity guarantees (MIGs) to enable lenders to offer more home loans as well as doing so at higher loan-to-value levels.

Recently, the finance director of Team Association, Phil Irving, wrote to Mr Darling and housing minister Margaret Beckett to put the case for the re-introduction of MIGs, suggesting that this would provide protection against losses for lenders and thus tackle their current "aversion" to risk.

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