A leading tax specialist has warned the Government that it is trying to extract too much from the sector.
Stacy Eden, head of property and construction at Crowe Clark Whitehill, said that property taxes are “excessive”.
Revenues from tax on property and transactions are forecast to double in the next five years by the Office for Budget Responsibility.
But Eden said some home owners would struggle with their tax bills.
He said: “Property owners, investors and developers face a plethora of taxes, with new ones added all the time.
“The Stamp Duty threshold, which should have risen threefold since 1997 in line with property price inflation, has stayed static. Similarly, the inheritance tax limit has not budged, catching increasing numbers of people within its net.
“An unfair and disproportionate amount of tax is being levied on property. Property inflation and sky-rocketing house prices are outside the control of home owners and private landlords, but these groups feel the heaviest tax burden
“It seems like the Government sees property as a ‘soft target’ for heavy taxes.
“This is a short-sighted view. London and the south-east are facing a housing crisis: simply put, there are not enough homes to meet demand. Disproportionate taxes on property fuel this situation.”
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