We held our breath awaiting the announcement from Alistair Darling regarding stamp duty and then it came, a two year stamp duty holiday for first time buyers up to £250,000 – a pleasant saving for a few making little difference to the market and ignoring the unfairness of this tax. In May 1999 we sold a four bedroom detached house in Poplars for £126,000, the stamp duty levy at 1% would have charged the purchaser £1,260, today a sale on the same house at £310,000 would incur a charge of £9300 an incredible increase of £8,040 in tax. It was a missed opportunity, a 1% band from £250,000 – £500,000, instead of the current 3% would probably increase tax revenues as a result of encouraging more property transactions. If you agree this is an unfair tax and have a spare moment let Sharon Taylor, Labour Candidate at the next general election know. That’s it, soapbox away for another month, if you need confirmation of stamp duty bands and charges give me a call.
Ben South, Chandlers Estates