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Article: Stamp duty is costing us dear; If the government is serious about attracting first-time buyers to the housing market, it should rethink the rules on stamp duty.(Brief Article)
- Article from:
- Financial Advisor
- Article date:
- October 2, 2002
CopyrightCOPYRIGHT 2002 FT Business. 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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Simon Dice
IREALISE the subject of stamp duty seems to get trotted out only in the weeks running up to the Budget, with the usual "buy now before stamp duty rises" stories.
So I have decided to break with convention and raise the subject now. I do not claim these to be original ideas, as no doubt someone has proposed them before.
The first issue relates to the banding of stamp duty. If you are a 40 per cent income taxpayer, you do not expect to pay 40 per cent on all of your income.
You are mightily relieved to know that you pay no tax on the first GBP4500 or so, 10 per cent on the next GBP2000 and only 22 per cent on the next ...