Treasury Stamp Duty Boom - 18/01/2006
Government to rake in £8 billion Stamp Duty
Rural House Prices Sour - January News - House Price Slows
The Treasury will this year collect £8 billion in stamp duty taxes. This figure is 10 times the amount Labour raised from this tax the year they came into power.
However Gordon Brown did try to soften the blow to this in the latest budget by announcing a doubling of the threshold at which stamp duty is paid from £60,000 to £120,000.
This though will do little to lessen the blow to homemovers since so many properties in the UK are above thi £120,000 value.
The current stamp duty rates are as follows:-
- Properties between £120,000 - £250,000 - 1%
- Properties up to £500,000 - 3%
- Properties over £500,000 - 4%
Figures have increased rapidly since Labour came to power, in the last year of the Conservative Government homeowners paid £675 million yet last year homeowners stumped up over £5.5 billion.
Rural House Prices Sour - January News - House Price Slows
