THIS IS NOT A PRIORITY
Several ministers....more senior to Felicity Buchan, suggest Inheritance Tax needs reform.
Miss Buchan says the ministerial code silences her and is unable to give a view.
It sounds as if she is making herself out to be a special case!
Rampant property price inflation impacts Miss Buchan’s constituents yet the payment point has remained unadjusted for many years: IHT is a classic example of double taxation.
Numerous surveys suggest it is one of the UK’s most hated taxes.
Stamp duty is another tax in need of drastic reform.
Payment thresholds have never been adjusted to reflect property price inflation.
Patrick Bullick of Chelsea based agency, Stanley Chelsea opines:
"The progressively higher Stamp Duty hits her constituents harder than most. She should be fighting for Stamp Duty to be the same % whatever the value of the property. Lower Stamp Duty on the higher value properties would mean a more fluid market allowing properties to be bought by those who really need them.
Felicity Buchan should also be aware that the 28% CGT on investment property (vs 20% on other assets) again restricts fluidity and keeps prices higher than they need to be."
Finally, Kensington businesses- large and small, struggle with business rates.
Business rates are calculated on rental values.
Inflation has forced up rents over the last two decades yet no adjustments have been made.
If your rent is £40,000 a year you can expect to pay nearly half of that in (anti) business rates.
The MP’s current obsession appears to be running a Kensington Environment Forum.
The Dame would prefer Miss Buchan to hold a Forum on these taxes that hit her constituents hard.
She needs to sort out her priorities.
Running a Kensington Environment Forum is not a priority.