Treasury launches £600m stamp duty giveaway

Chancellor Alistair Darling has confirmed speculation surrounding a suspension on stamp duty for sales of residential property up to £175,000.

Individuals currently only pay the duty on properties worth more than £125,000, and the move will apply for one year.

A Treasury spokesman told Accountancy Age that while predicted losses in taxes over the 12 month suspension period is subject to ongoing market conditions, they estimate the loss at approximately £600m.

The suspension applies to transactions taking place between 3rd September 2008 and 3rd September 2009.

Further Reading:

Backgrounder: Stamp duty holiday