Abolition of stamp duty for first-time buyers urged

THE abolition of stamp duty for first-time buyers was called for in the pre-Budget submission of the Institute of Professional Auctioneers and Valuers (IPAV).

The IPAV proposal also called for a reduction in the number of stamp duty bands and lower rates.

In its submission, drafted by economist Jim Power, the institute says stamp duty should only be paid on the excess amount of a house price above the threshold and not on the entire amount, as at present.