Stamp Duty Land Tax

Debate between Rachel Taylor and Kit Malthouse

Tuesday 28th October 2025 Commons Chamber

[Kit Malthouse]

My right hon. Friend is completely right, and he makes a powerful point. Anybody, whether overseas or here, who comes anywhere in the country, but particularly to London and the south-east, and wants to make a significant purchase is immediately presented with a massive bill that cannot be borrowed. It comes out of any equity that they may have spare lying around or that they may have saved up for years to build towards their housing decision. For the Government to show up and take it at that moment of significance in anybody’s life is extremely damaging. It is the same when the Government show up on the death of a relative and say, “We will take our slice.” Such taxes have enormous salience. As a result, stamp duty and inheritance tax are easily the two most unpopular taxes in the country.

[Rachel Taylor]

The right hon. Gentleman is being generous with his time and is putting forward interesting points. It surprises me that nobody on the Opposition Benches brought these points forward in the 14 years they were in power. Stamp duty land tax is not a new tax; it is a tax that went up under the last Government, yet the Conservatives had brought forward no proposals on it until this unfunded announcement at party conference a few weeks ago.

[Kit Malthouse]

The hon. Lady should not assume from the outward utterances that there was not an internal conversation going on within the party about our tax strategy. Those in the Chamber who shared the Cabinet table with me will know that that was often a vigorous conversation. I will leave it at that.