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Article: Stamp duty up tenfold under Labour as London buyers pay record Pounds 1.7bn
- Article from:
- The Evening Standard (London, England)
- Article date:
- October 2, 2007
- Author:
CopyrightCopyright 2007 Evening Standard - London. Provided by ProQuest LLC. (Hide copyright information)
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THE stamp duty burden on home buyers in the capital has soared
more than tenfold since Labour came to power, figures show today.
A record Pounds 1.725 billion was raked in by the Treasury from
London house moves last year, according to latest statistics
published by HM Revenue Customs.
This was almost a third more than the Pounds 1.305 billion in
2005/06 and compares with Pounds 165 million a decade ago.
The new figures were quietly published after shadow chancellor
George Osborne pledged to abolish stamp duty for first-time buyers
on homes costing less than Pounds 250,000.
At present, stamp duty kicks in at one per cent at Pounds
125,000, rising to three per cent at Pounds 250,000 and four ...