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Alistair Darling has today announced that the threshold for stamp duty on residential properties will be raised to £175,000 for a one year period commencing on 3 September 2008. There has however, been no change to the other stamp duty thresholds, with 1% duty being payable on properties valued between £175,001 and £250,000, 3% for those between £250,001 and £500,000 and 4% for properties in excess of £500,001.
The announcement came after comments by the chancellor at the weekend that country was facing its worst economic crisis in 60 years. The move to reduce the stamp duty burden of home buyers is one of a range of measures announced today that are aimed at helping first time buyers and families facing repossession. It is also an attempt by the government to keep the house market moving following the recent slow-down and rapidly falling prices. Further details on the other measures announced are to be revealed in the Autumn Pre-Budget Report although no date has yet been set for this. |
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