On 6/2/13 the Mayor of London Boris Johnson advocated the devolution of Tax Receipts from Stamp Duty accrued in Greater London to build 1 million new affordable or social houses. This depends on whether its him or a Labour Mayor in 2016, subject to local borough authorities elected and implementing LDA development guidelines, with reference to heritage and conservation (both urban and rural) areas.
Stamp Duty: What is it?
Stamp duty is one of the historic taxes in the buying and selling of property. Administered by Solicitors as part of the conveyancing process, it produces £1.3 Billion within the region. As such the Mayor thinks that keeping this tax and devolving proceeds similar to the way the National Scottish Legislature has devolved national income tax varying powers.
What would it pay for?
It would thus pay for housing on sites by the A40 such as RAF Northolt with the RAF moving to Heathrow when the thames estuary gets built and combined with grants for housing properties to be maintained from existing stock and some grants for the remedying of derelict properties in conservation areas.
Why is this necessary?
To ensure a stable economy is developed and that expertise in construction is redeveloped for use across the UK. Also other family sized housing in the suburbs would be built as a result of this allowing for economic recovery.
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