Wesley Thorne, 52, and his wife, Toni, are advocates for abolishing stamp duty on properties, particularly for earners with an annual income of £60,000. Residing near Bristol, this couple desires a larger home but is deterred by the potential addition of £15,000 to £20,000 to their moving costs due to stamp duty.
Call for Stamp Duty Abolition
Stamp duty is imposed on property transactions exceeding a certain price in England and Northern Ireland. Wesley views this charge as unreasonable, referring to it as “an immoral tax just on having a home.” He urges policymakers to consider removing stamp duty entirely or modifying it to apply only to properties with significantly higher valuations.
Impact of Rising Costs on Small Businesses
- Wesley and Toni operate an online sweet shop and a market stall.
- They currently earn approximately £60,000 annually, though this figure fluctuates.
- Wesley highlights the increasing financial pressures, stating, “We’re hammered from every direction.”
- Their challenges include soaring prices for sugar and chocolate, rising minimum wage, and increased business rates.
As members of the Federation of Small Businesses, the couple also faces regulatory hurdles. Presently, small businesses in their sector must register for VAT once their taxable turnover exceeds £90,000. Wesley advocates for raising this threshold to alleviate financial strain on small enterprises.
The call for stamp duty abolition resonates with many earners in similar financial situations, as they seek more accessible home ownership options. Without action, families like Wesley and Toni may continue to face significant barriers to moving into larger homes.
