First-time buyers and poorer pensioners should be exempt from stamp duty, housing experts will say today.

They want a new system under which anyone buying a home for under £1m would pay less tax.

The Royal Institution of Chartered Surveyors is calling for a dramatic shake-up of the current regime which it calls 'unfair, inefficient and long overdue for reform'.

The biggest winners would be first-time buyers and poorer pensioners who want to release money by 'downsizing' to a smaller home. RICS says neither should pay a penny in stamp duty