Stamp Duty’s not the problem…

… argues, Jamie Powell in the FT, answering a Times piece splitting the blame for low transactions (and thus low Stamp Duty takes) between a lack of new building and punitive Stamp Duty reforms. Powell takes a closer look at the data – what those reforms actually mean at each end of the market and in-between, and historic transactions levels – and illustrates that the portion of the market negatively affected by the tax changes is so small it’s importance on transaction levels and tax takes is being exaggerated. It’s a good read, here.