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Review Stepped Stamp Duty Rates

Comment 8th July 2010

An overhaul and review of the current stepped rates of stamp duty to a single rate for all domestic property values.

Currently a property costing £250,000 attracts stamp duty @ 1% or £2,500, if the cost rises to £255,000 stamp duty at a higher rate of 3% or £7,650 is levied  so the increase in cost to the purchaser is not £5,000 but over £10,000.

It gets worse with further stepped increases at £500,000 and £1million.

It must be possible to calculate a median percentage rate for all domestic properties over say £100,000 which would provide the same income to the Treasury and eliminate the iniquitous 'stepped' system.

Why does this matter?

The current system inhibits the sale and purchase of properties and is particularly hard on the elderly seeking to 'downsize' thus releasing family houses on to the market and the working family hoping to relocate for better employment prospects.

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