Budge it…… Chancellor Philip Hammond scrapped stamp duty for some first-time buyer properties (Image: getty) Last week former foreign secretary Boris Johnson added his voice to those calling for a cut to help repair our broken housing market and boost the number of properties for sale. Chancellor Philip Hammond abolished stamp duty for first-time buyers last autumn. Should he stamp down even harder on this hated levy? Duty calls The stamp duty land tax is charged when buying property in England and Northern Ireland. Related articles ‘Agree with the French’ Hammond calls for UK to follow new EU proposal Takeaway coffee cups and cutlery to be slapped with new tax In Wales it is called the land transaction tax, and the land and buildings transaction tax in Scotland. The three systems differ slightly, but all have one thing in common, they make moving house an unnecessarily taxing business. In England, properties costing less than £125,000 are exempt, but buyers pay 2 per cent on anything above that up to £250,000, at which point the tax will total £2,500. It then leaps to 5 per cent on the next £675,000, costing £15,000 on a £500,000 property, while buying a £925,000 property… Read full this story
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