Stamp Duty Land Tax

Debate between Andrew Snowden and Gideon Amos

Tuesday 28th October 2025 Commons Chamber

[Gideon Amos (Taunton and Wellington) (LD)]

Access to home ownership has never been harder. Fewer and fewer people can afford to buy a home of their own, and 12,000 households in my county of Somerset are languishing on the waiting list unable to get a home at a decent rent. We have heard a lot about Mrs Thatcher, but since the sell-off of council houses began, 2.3 million were never replaced. The Conservatives broke that promise over and over again, so although our population has increased by five times that amount, we have had a massive loss of homes for social and council rent; several Conservative Governments never replaced them.

By taxing transactions, stamp duty land tax is unfair on buyers. It needs to be reformed, but, as my hon. Friend the Member for St Albans (Daisy Cooper) has said, as part of a full review of property taxes. The vast majority of first-time buyers would be completely unaffected by the Opposition’s proposals, because they already pay no stamp duty land tax. It seems clear that, by triggering a big increase in house prices, the policy would mostly benefit those who are selling homes at high prices, and probably only those right at the beginning of the chain.

More importantly, wiping out tax revenue without wider tax reform or any serious proposals for the resulting massive hole in public finances would be another Liz Truss Budget in the making. Perhaps she planted the magic money tree, but this autumn we are seeing the fruits of it in more mad Conservative tax proposals. It seems clear that the Conservatives have learned nothing from the Truss Budget’s rocketing of inflation and increasing of mortgage rates, which affected everyone in my constituency.

[Mr Snowden]

The interest rates on the bond market are now higher than they were after that mini-Budget. Constantly harking back to that, when we are in a worse position now than we were then, makes the point that the Lib Dems are on everybody’s and nobody’s side.

[Gideon Amos]

I understand why Conservative Members keep asking us to look forward not backwards: their own Government’s experience with the Truss Budget is one that they do not want to remember and would like to forget, but unfortunately its effects were long, far-reaching and serious for all of our constituents.