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Article: Move to scrap stamp duty welcomed
- Article from:
- The Independent (London, England)
- Article date:
- October 6, 2007
- Author:
CopyrightCopyright 2007 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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It's been quite some week for the Tories, with first the pledge
to raise the inheritance tax threshold to 1m, and then the pledge to
remove stamp duty for first-time buyers who purchase a home for
under 250,000.
While the decision to abolish stamp duty for first-timers didn't
grab the headlines in the same way as IHT, it is a move a whole host
of organisations have campaigned for in recent years, as house
prices have rocketed, pricing out those on low incomes - and is sure
to be a crowd-pleaser.
For years, the growth in the housing market has meant the average
cost of a home has been surpassing the threshold for stamp duty -
known as fiscal drag - leaving more people snared into paying a ...