Ellis Jones Solicitors Budget Reaction: ‘Let’s keep people and the economy moving’

by | Mar 3, 2021 | Community News

Nigel Smith, Managing Partner of Ringwood law firm Ellis Jones Solicitors, said: “The measures in the Budget are to be broadly welcomed

“As businesses and individuals we have received support and it is right that we pay back the help that has been provided

“The extension of the Stamp Duty Land Tax holiday is welcome although this should have been announced very much sooner.

“Leaving this until the Budget has placed undue pressure on those involved in this sector, including the many families seeking to move, local authorities and various professionals.

“Going forward, the future of Stamp Duty needs to be reconsidered as it is a tax which is expensive to administer yet brings in relatively little money.

“The recent holiday has clearly demonstrated how a reduction can stimulate the market and how beneficial this would be on a permanent basis. Let’s keep people and the economy moving!

“One of the first things new homeowners do is order kitchens, bathrooms and carpets, which would raise 20 per cent VAT and be great for the retailers and tradesman involved as well as the economy.

“I hope the Government seriously considers the impact of the Stamp Duty holiday over the past months and has a major rethink about the future of this outdated tax.”