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LATEST NEWS & EVENTS CML calls for stamp duty reform  The Council of Mortgage of Lenders (CML) is calling on the government to reform stamp duty. It said there is a "strong case" for the changes as the residential property conveyancing sector is heading towards more troubled times. The CML warned that the forthcoming five per cent hike in stamp duty for properties valued at over £1 million was a sign of the government's "arbitrary" towards residential property taxation. It is calling for the introduction of a new marginal rate system similar to income tax to replace the current arrangements. Such a move "would create fewer disincentives to purchase properties near tax thresholds, improve the liquidity of housing and labour markets and deliver a more stable tax base over time", the CML said. In addition, the CML believes this will allow the government to deliver "a more credible, coherent and longer-term policy in relation to first-time buyers and home-ownership". The news comes as the Financial Services Authority reports that lending for residential property conveyancing is waning. Total advances for mortgages fell 11 per cent in the last quarter of 2010 when compared to the same period the year before. Posted by Georgina Price 
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