New calls made for stamp duty change

With chancellor of the exchequer Alistair Darling due to deliver his budget speech in just over a week's time, the Council of Mortgage Lenders (CML) has made a renewed call for a change in stamp duty rates.

In its monthly News and Views digest, the CML said it would only cost the treasury a comparatively small £1.2 billion to raise the lowest threshold in line with the rate of house price inflation since 1997.

At present the one per cent levy is applied on all homes worth over £125,000.

The CML call is just one of a number which have urged the government to make changes to this tax.

In another such call, New Homes Marketing Board chairman David Pretty has said stamp duty should be scrapped for first-time buyers.

Those considering the self build option may be able to avoid stamp duty irrespective of Mr Darling's decisions by constructing their own homes.


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