Brown could scrap stamp duty to rescue economy

Stamp duty could be scrapped by Gordon Brown temporarily in a package designed to turn around the faltering economy.

With the prime minister expected to announce details of how to rescue the economy, reports suggest that suspending stamp duty could be a key plank of his plans, according to the Sun.

Stamp duty is paid at 1% on homes bought for between £125,001 and £250,000, 3% between £250,001 and £500,000, and 4% over £500,000.

Billions of pounds have been spent on stamp duty over the last ten years due to the availability of mortgages and rising house prices.

Other suggestions include an attempt to lower fuel costs and scrapping plans for new vehicle tax rates.

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