Business backing for Stamp Duty devolution

The Welsh arms of both the Federation of Master Builders and the Confederation of British Industry have said that they will support the devoltion of Stamp Duty to the Welsh Government when the UK Government consults on the idea.

We welcome the Treasury’s intention to seek the views of business on this matter and therefore will make our policy clear. We urge UK Ministers to respond positively to the recommendation to devolve Stamp Duty made by the Silk Commission. Our view is that Stamp Duty Land Tax should be devolved to the Welsh Government as a matter of urgency. The Welsh housing industry is in a poor state of health and Stamp Duty could be used to creatively to support the sector, and to offset the accumulated costs of development, which are set to rise.

– Federation of Master Builders Cymru Director Richard Jenkins

The views of the CBI are very clear in supporting the devolution of stamp duty. If used effectively, devolving and reforming stamp duty could be used as a tool for growth, stimulating housebuilding and supporting home buyers. We will engage with the Treasury over the summer and make the views of business known. The lack of certainty and clarity on a deadline for Silk is not helping business - both those in Wales and those looking to invest. CBI will continue to engage with all parties for a swift resolution, in the interests of driving forward the economy - and growth.

– CBI Wales Director Emma Watkins

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