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Article: Stamp duty tax traps five in six buying their own home.
- Article from:
- Daily Mail (London)
- Article date:
- November 20, 2006
CopyrightCOPYRIGHT 2006 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: BECKY BARROW
FIVE out of six homebuyers are forced to pay a massive bill for stamp duty when they purchase a property, research reveals today.
A decade of soaring house prices is trapping huge numbers into paying the punitive tax.
A typical buyer has to fork out about [pounds sterling]2,220 before meeting any of the other costs involved in the expensive process.
Chancellor Gordon Brown has increased the rate at which stamp duty is charged four times, making it a highly lucrative tax for Labour since the party came to power in 1997.
Before then, just 45 per cent of buyers paid the duty which raised [pounds ...