Brown could scrap stamp duty to rescue economy
Brown ponders stamp duty halt to save 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.