Homeowners 'dodging' stamp duty
Increasing numbers of homeowners are selling their house for under£250,000 to avoid the 3% stamp duty charge, according to figures fromthe Land Registry.
These figures, revealed to the FT by Liberal Democrat Treasuryspokesman Mathew Taylor, show that from 1996 to 2001, the number ofproperties being sold for between £240,000 and £249,999 – just below themaximum threshold – climbed dramatically from 2,007 to 15,611.
Taylor is leading a call from the LibDems for an end to stamp duty. Hetold the FT: ‘The evidence is absolutely clear that the ludicrousstructure of stamp duty is creating massive tax evasion.’
Under stamp duty laws properties that are sold for between £250,000 and £500,000 are charged a 3% levy on the sale price.