Source: Adam Smith Institute
by Madsen Pirie
“If the planning system is an inherited failure of land, the tax code contains an equally striking inherited failure of transactions, taxes that were reasonable revenue-raising devices in their moment and have become, in their present form, penalties on the specific behaviours a mobile, productive economy most needs. Stamp Duty Land Tax is the clearest case. It is a tax levied at the point of moving house, which means it is a tax on exactly the behaviour that lets people move to where the jobs are, that lets an ageing couple downsize and free up family-sized housing for the families who need it, that lets a growing firm’s employees relocate without a punitive toll standing between them and the move.” (07/29/26)
https://www.adamsmith.org/blog/a-tax-system-that-fines-the-behaviour-that-growth-requires