‘To make the first stages of buying property and bringing back land into use tax free, in designated areas stamp duty will be abolished,’ said Brown.
With this cut, the government hopes to encourage families and businesses to relocate to these areas. A list of areas eligible for exemption will be published ‘in due course’.
This is one of six ‘regeneration’ tax cuts proposed by the chancellor that will cost the government £1bn over the next 5 years.
The controversial duty has been in existence for 300 years and many believe it to be obsolete in the age of e-business. Last year, it generated about £7bn of revenue for the government.
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