Stamp duty suspended for a year on properties costing less that £175,000 on 100 Mortgages

The Chancellor Alistair Darling yesterday announced that he will suspend stamp duty on all properties costing less than £175,000.

The Treasury has done this to show the voters that the government is helping and on the side of the homebuyers, this “payment holiday” will take effect from tomorrow and comes as a time property sales are stagnated and property values have slumped.

This is to help first time buyers who are struggling to get onto the property ladder. The stamp duty required is 1 percent for properties value between £125,000 and £250,000, 3 percent on properties valued more than £250,000 and 4 percent if they are worth over £500,000.

There are different views from Conservatives and Liberal Democrats, the conservative last year said that a Tory government would abolish stamp duty altogether for first-time buyers purchasing homes worth under £250,000, and the Liberal said they feel that suspending stamp duty is as good as bribing people to buy properties in a decreasing market, and to cut taxation would be a bad move at the worse time possible.

Read the full story here at mailonsunday

Related Articles

No Comments
»