Shapps in stamp duty threshold call

The Conservatives have called for the government to raise the threshold for stamp duty payable by first-time buyers in next month's budget.

Shadow housing minister Grant Shapps called on chancellor of the exchequer Alistair Darling to use the occasion to follow the Conservative policy of doubling the lower threshold from its present £125,000 to £250,000, 24dash reports.

He accused previous chancellor and now prime minister Gordon Brown of letting families down by allowing the tax to be applied to so many people.

"It's time for Labour to follow our lead by slashing stamp duty for first-time buyers on homes up to £250,000 so that people can once again attain their home ownership aspiration," Mr Shapps stated.

Whatever the decision of Mr Darling next month, those who self build can avoid stamp duty provided the land they build their home on is worth less than £120,000.

Council of Mortgage Lenders figures show the number of first-time buyers having to pay the tax rose from 40 per cent in 2005 to nearly 50 percent in 2006, due to rising house prices.


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