Half of over-50s back stamp duty exemption for downsizers and first-time buyers - survey
Saga members are calling for the Chancellor to make positive changes affecting all generations when he presents the Autumn Budget on Wednesday.
Ahead of the budget, Saga members have called for stamp duty breaks for first and last time buyers. Additionally, they have called on the Chancellor to the cost of university education by cutting or stopping tuition fees, and for an increase in the amount that people can save tax free into their pensions.
With increased pressure for the government to introduce measures to stimulate the housing market, research prepared by Populus on behalf of Saga shows that 50% of Saga members favour removing the stamp duty for both first-time buyers and those choosing to downsize later in life. 12% of respondents said stamp duty should be removed solely for first time buyers and 20% said stamp duty should be removed only for those downsizing later in life.
Saga members also hope for changes to be made to rising education fees for their younger family members. 30% of respondents said that university tuition fees should be cut and 24% of respondents say tuition fees should be scrapped altogether.
Respondents also raised their concerns for issues relating to retirement with potential changes to pension tax relief. Half of members feel the Chancellor should not link pension tax relief to income tax rates (20% for basic tax rate payers and 40% for higher tax rate payers.). Half also feel that there should be no further cuts to the annual pension tax free allowance, which some believe the Chancellor is considering.
Lisa Harris, Head of Communications at Saga commented: “Family is of huge importance to our members, so of course when it comes to the Budget, they will be listening out for things which affect the whole family not just themselves. They believe that future generations should have access to education without having to stack up crippling debts. They also believe that the solution to stagnation in the housing market is to offer benefits to both the oldest and youngest people on the housing ladder.”