From the TUC

Tax the rich with stamp duty!

26 Mar 2010, by in Economics, Society & Welfare

The stamp duty holiday for first time buyers of properties up to £250,000 announced in the budget will help a lot of people taking their first steps onto the property market. The maximum saving is £2,500 – which is enough to furnish your first home.

It’s therefore sad that there has been whinging from some quarters about the 5% duty put on the sale of homes worth more than £1 million. But just how many of us will have to pay the extra duty? According to new figures published today by the Land Registry for England and Wales, there were 73,889 house sales completed in December 2009, of which 498 were valued at more than £1 million – 0.7% of sales. So the new 5% duty really is just taxing the very wealthiest.

2 Responses to Tax the rich with stamp duty!

  1. Nigel Stanley

    Nigel Stanley
    Mar 26th 2010, 5:18 pm

    My question on this is whether stamp-duty changes mainly affect buyers or sellers. Does the change in stamp duty get passed on entirely to the buyer or does it change the price of the property – and is the effect the same at top and bottom of the market?

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