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Stamp duty suspended
2008-09-02
Investors in UK property worth less than £175,000 will not now have to pay stamp duty on it for a year, chancellor Alistair Darling has announced.This means that from tomorrow (September 3rd) until the same date in 2009 the threshold will be £50,000 higher than the current level.
Such a decision follows a period of uncertainty after Mr Darling said last month that he would look at ways in which he could potentially boost the housing market.
Housing Minister Caroline Flint told the BBC Newsnight programme a few days later that stamp duty was one area under consideration.
However, she insisted that the government would not be forced into making a decision before the November pre-budget statement.
Several organisations in the UK property industry have welcomed the decision, such as the Chartered Institute of Housing.
It said it was happy that the decision had brought "clarity" over the issue.
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