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Article: Stamp duty really is the ultimate stealth tax
- Article from:
- The Scotsman
- Article date:
- March 16, 2001
- Author:
CopyrightCopyright 2001 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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HOMEOWNERS across the country may be breathing a sigh of relief
that the Chancellor - apart from a few minor alterations relating to
certain deprived areas - marked time on stamp duty in the recent
Budget.
But those with most cause to celebrate - even though it may be
only a stay of execution - are property developers and investors,
the really big fish that get caught up in any stamp duty trawl.
Most members of the public assume that only homeowners pay stamp
duty when, in fact, it applies to all property transactions. So when
an office building changes hands for, say, pounds 20 million, the
government receives a "take" of GBP 800,000 - plus stamp duty
payable on any VAT, making stamp duty ...