Home buyers in the South are paying more than three times as much stamp duty as those in the North of the country, new figures show.
An ad valorem tax is higher where prices are higher? Slap me with a wet kipper. You\’ll be saying that income tax revenues are higher in the South, where wages are higher, next.
It added that the amount of stamp duty now paid by residents in the South – which is made up of London, the South East, South West and the East – was equivalent to around 25 per cent of average annual earnings.
In the North it was only around 10 per cent of average pay.
And that shows the stupidity of the system in itself. We actually want to have labour force mobility. People moving to where the jobs are. And we\’re going to have a tax equal to 25% of annual wages on people making such a movement? Idiocy.