Stamp duty tax could change

by Editorial Team
6th August 2008
Property Tips

Recent reports have suggested that the Government is thinking of scrapping stamp duty in an effort to kick start the housing market.

Homebuyers pay 1% stamp duty on homes bought for between £125,001 and £250,000, rising to 3% between £250,001 and £500,000, above £500,000 stamp duty is charges at 4%.

Over the past 10 years in the region of £31.5bn in stamp duty has been paid to the Government according to figures supplied by the Tresury.

Speaking on Radio 4's the Today programme yesterday, Chancellor Darling refused to be drawn on the Government's plans, he did comment as follows: "I am looking at a number of measures and I am not going to be drawn on that today because we have not concluded what exactly we need to do.

"It is helping people that is important. I want to look at a range of options that will help people."

The Royal Institution of Chartered Surveyors has long called for changes to be made to stamp duty and though it would support a short term hiatus it believes that the Government should rethink the tax in the long term.