Posted: 20.11.14

Andrew Boff: Let London keep its Stamp Duty revenue

London Assembly member Andrew Boff (Con) has today written his case for “DevoLondon” on the Conservative Home blog. He draws attention to the economic and political benefactors London provides to the rest of the country and the capital’s role

Boff

London Assembly member Andrew Boff (Con) has today written his case for “DevoLondon” on the Conservative Home blog. He draws attention to the economic and political benefactors London provides to the rest of the country and the capital’s role in the UK’s global power status.

Under a Conservative Government,  Boff would like to see an Independent Budget Office for London (something which has been supported by the Select Committee on Communities and Local Government). Its purpose would be to “scrutinise the financial performance of the GLA and Mayor” further.

Boff suggests London should be given control of its 5 main property taxes:

- Council tax
- Business rates
- Stamp duty
- Annual tax on enveloped dwellings
- Capital gains tax

London requires these property revenues, he says, due to the growing population and the demands this will bring.  He references that “£1 in every £5 generated in tax” leaves London and is distributed elsewhere hence the need for fiscal devolution.

He suggests the ‘core’ cities/regions in the devolution debate need to be competitive too with regard to the overall economic and global picture for the UK.

Andrew Boff: Let London keep its Stamp Duty revenue