First-time buyers face new tax

Roger Trower, the managing director of Broadlands estate agents, says that the land transaction tax, an equivalent of stamp duty for share transfer properties, will disproportionately hit those trying to get their first foot on the property ladder.

He explained that many flats were sold under share transfer agreements and were purchased by people whose ability to buy was affected by even small price rises.

The proposition to bring in the new tax is due to be debated on 11 March. A spokesman for the Treasury department, which is behind the proposal, said that if it was not called in by Scrutiny, the requirement to pay the tax could be in force by August