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A cut in the stamp duty rate likely to boost housing market

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A cut in the stamp duty rate likely to boost housing market

Written by Bernard Kayden
Tuesday, 15 July 2008
A stamp duty 'holidays' for the first-time buyers and reduced tax rates for the other homebuyers is on the cards with Ministers looking to kick-start the housing market.<br><br> London (Ask4loan) July 15, 2008: Ministers are eying for a reduction in the rates of stamp duty with an aim to boost the UK housing market. Apart from the stamp duty 'holidays' to induce the first-time buyers and minimised tax rates for other homebuyers, a rise in the 'price brands' at which the stamp duty is to be charged is another possibility in the lining. The trends are likely to come since the UK housing market is presently going to meltdown. Before Labour came to power in the year 1997, a one percent stamp duty was charged on all types of homes which were purchased for £60,000 or more. But Gordon Brown imposed heavy stamp duty charges during his ten years of tenure as Chancellor. As per the latest figures collected, an one percent stamp duty was charged on homes purchased for £125,001-£250,000, three percent on £250,001-£500,000 and four percent on homes valuing over £500,000. This led to a collection of approximately £31.5bn in stamp duty with property recession in the UK housing market, a reduction in the number of homes being sold by the real estate agents added to the woes of the housing market. For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit http://www.ask4loan.co.uk/ Bookmark with: Delicious Digg reddit Facebook StumbleUpon What are these?

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