IFS deputy director Helen Miller said: "Although it's buyers who are formally required to hand over stamp duty, the effect of stamp duty can be passed through to sellers. “Past experience shows us that sellers tend to benefit stamp duty holidays, enjoying on average almost half of the saving. Jamie Ward, head of stamp taxes at PwC, said: “Buyers often pay the maximum amount they can afford, both the price for the house and the stamp duty in total. Consequently, buyers not paying a percentage of the property’s value to the government as stamp duty may have larger deposits and a better chance of securing a mortgage." He added: “First time buyers, who may benefit from a stamp duty exemption for properties below £300,000 and a partial relief on purchases up to £500,000, do appear to lose their current competitive advantage."

Source: Daily Mirror July 09, 2020 11:50 UTC