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Article: Stamp duty on homes is axed

Article from:
Belfast Telegraph
Article date:
September 2, 2008
Author:
Copyright

NORTHERN Ireland's beleaguered housing market was today given a major boost after Chancellor Alistair Darling removed stamp duty from home purchases worth less than Pounds 175,000.

These homes are to be exempted from stamp duty for 12 months as part of a package to revive the housing market.

The change, which comes into effect tomorrow, raises the threshold on which 1% stamp duty is paid by Pounds 50,000 from its current level of Pounds 125,000.

The move will save eligible home-buyers up to Pounds 1,750 when they purchase a property, and relates only to buildings entirely for residential use.

In a statement, the Treasury said: "The Chancellor of the Exchequer has today announced that stamp ...

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