Tax the rich with stamp duty!
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.