Stamp duty is "an important source of revenue" for the Government and cutting it would "create a significant cost to the Exchequer" at a time when the country is already in debt, a Treasury spokeswoman said.
– A Treasury Spokeswoman
It is a progressive tax and those who purchase higher value property pay a higher share of tax. In 2012, 34% of transactions didn't pay SDLT on their purchases and a further 43% paid less than £2,500.
SDLT is an important source of Government revenue, raising several billion pounds each year to help pay for the essential services the Government provides and supports.
Reducing it would create a significant cost to the Exchequer at a time when the Government is focused on reducing the deficit.