Stamp duty axed below £175,000 |
Stamp duty is to be axed for a year on properties costing less than £175,000 as part of a package of measures being unveiled to help the housing market. The level at which the 1% purchase tax has to be paid is to be increased from £125,000, from Wednesday 3rd September 2008. The £600m move - which applies to residential property - will save someone buying a £175,000 house £1,750. The government estimates half of all property transactions will now be exempt from stamp duty. Previously one in three transactions did not attract any tax when the threshold was £125,000. |