Treasury launches £600m stamp duty giveaway
Government announces plans to withdraw duty on properties worth up to £175,000, in an attempt to kickstart the flailing housing market.
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