Stamp Duty Land Tax

Debate between Connor Naismith and Rachel Gilmour

Tuesday 28th October 2025 Commons Chamber

[Connor Naismith (Crewe and Nantwich) (Lab)]

I start by acknowledging a point that many Members across the House have made. Many of us would not defend the principle of stamp duty; indeed, if it did not already exist, it is hard to believe that we would invent it. However, that is not the question before us today. If we are to decide to abolish stamp duty, we must say how we will pay for it, and we have to justify that decision as a priority above all the other decisions that we might make on what to do with that money.

[Rachel Gilmour (Tiverton and Minehead) (LD)]

We Liberal Democrats accept that property taxes must be reformed—arguably, radically so—but I struggle with the Conservatives, who governed for years without substantial reform, now promising to abolish stamp duty with no credible plans to pay for it. Where is the money coming from? Is the magic money tree being re-rooted?

[Connor Naismith]

The hon. Member is right to point out that the Conservatives had 14 years in government. Now they are in opposition, they want to talk about all the magical savings that they could make. Why did they not do it when they were in government? It is too little, too late. As I was saying, if you decide that you want to do this, you have to tell us how you will pay for it, and justify that priority over all the other priorities.