PROPOSALS to introduce stamp duty on the sale as well as purchase of property, with residents who stay in their homes for long periods paying a higher rate, have been condemned as bizarre.
The ideas, reportedly being considered by the Prime Minister's strategy unit, come amid fears that rising house prices have left many public sector workers unable to afford to live in certain areas. The thinking is that the moves would increase mobility among workers.
But Trevor Kent, a former president of the National Association of Estate Agents, said the proposals were illogical.
"To suggest that this would lower prices is beyond my comprehension it seems it would have quite the opposite effect."
The proposals are the work of Barry McCormick, chief economist at the Department of Health.
He suggested that stamp duty on the purchase of houses should be cut to compensate for the introduction of a new tax on sales.
Sales stamp duty would increase with each year the vendor lived in the house.
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