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05/08/2008
Darling Tight Lipped Over Stamp Duty Changes
Chancellor Alistair Darling is shedding no light on whether or not there will be a temporary suspension in stamp duty.
Mr Darling said he would not be drawn on newspaper reports that the temporary scrapping of the levy would help people through the 'credit crunch'.
The Chancellor has insisted that Prime Minister Gordon Brown was "very focused" on what the Government need to do to "recapture people's enthusiasm".
He said it was "very difficult to speculate" on what would happen to house prices in the coming year.
Mr Darling has replaced Labour Deputy Leader Harriet Harman as the most senior duty minister while Mr Brown is on holiday in Suffolk.
He said in regard to stamp duty that he was "looking at a number of measures" and "I want to look at a range of options that will help people".
Liberal Democrat Treasury Spokesman, Vince Cable said that "the Government shouldn't be trying to bribe people into buying houses in a falling market.
"Suspending stamp duty, even on a temporary basis, will only make this situation worse," he said.
John Stewart, Chief Economist at the Home Builders Federation told BBC Radio 4's The World at One that "the most important thing is to resolve the mortgage crisis".
The Tories temporarily suspended the tax on homes worth less than £250,000 during the recession of 1991.
Currently, those buying properties for between £125,000 and £250,000 pay 1% in stamp duty at the time of sale.
Properties worth more than £250,000 incur a 3% tax, while homes worth £500,000 or more incur a 4% rate.
Last year the government raised £6.5 bn from stamp duty.
(DS)
Mr Darling said he would not be drawn on newspaper reports that the temporary scrapping of the levy would help people through the 'credit crunch'.
The Chancellor has insisted that Prime Minister Gordon Brown was "very focused" on what the Government need to do to "recapture people's enthusiasm".
He said it was "very difficult to speculate" on what would happen to house prices in the coming year.
Mr Darling has replaced Labour Deputy Leader Harriet Harman as the most senior duty minister while Mr Brown is on holiday in Suffolk.
He said in regard to stamp duty that he was "looking at a number of measures" and "I want to look at a range of options that will help people".
Liberal Democrat Treasury Spokesman, Vince Cable said that "the Government shouldn't be trying to bribe people into buying houses in a falling market.
"Suspending stamp duty, even on a temporary basis, will only make this situation worse," he said.
John Stewart, Chief Economist at the Home Builders Federation told BBC Radio 4's The World at One that "the most important thing is to resolve the mortgage crisis".
The Tories temporarily suspended the tax on homes worth less than £250,000 during the recession of 1991.
Currently, those buying properties for between £125,000 and £250,000 pay 1% in stamp duty at the time of sale.
Properties worth more than £250,000 incur a 3% tax, while homes worth £500,000 or more incur a 4% rate.
Last year the government raised £6.5 bn from stamp duty.
(DS)
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02 September 2008
Darling Spins 'Gloom' into 'Optimism', After Sterling Fall
UK Chancellor Alistair Darling has made an apparent 'U-turn' on his previously gloomy predictions for the British economy - insisting he is actually optimistic about overcoming financial difficulties. And the man holding the Government's purse strings also said that his own job is safe, despite rumours of a Cabinet reshuffle.
Darling Spins 'Gloom' into 'Optimism', After Sterling Fall
UK Chancellor Alistair Darling has made an apparent 'U-turn' on his previously gloomy predictions for the British economy - insisting he is actually optimistic about overcoming financial difficulties. And the man holding the Government's purse strings also said that his own job is safe, despite rumours of a Cabinet reshuffle.
03 December 2014
Osborne Unveils Stamp Duty Reforms
Stamp duty is to be cut for 98% of homebuyers, Chancellor George Osborne has announced in his Autumn statement. The new rules will see homebuyers pay nothing on £125,000 and 2% on the remaining £60,000. This works out as £1,200, a saving of £650. Mr Osborne said the changes will come into effect from midnight.
Osborne Unveils Stamp Duty Reforms
Stamp duty is to be cut for 98% of homebuyers, Chancellor George Osborne has announced in his Autumn statement. The new rules will see homebuyers pay nothing on £125,000 and 2% on the remaining £60,000. This works out as £1,200, a saving of £650. Mr Osborne said the changes will come into effect from midnight.
16 March 2005
Brown's Budget promises for pensioners and homebuyers
Chancellor Gordon Brown has aimed his ninth Budget at pensioners and homebuyers with a series of promises including council tax refunds and an increase in the stamp duty threshold.
Brown's Budget promises for pensioners and homebuyers
Chancellor Gordon Brown has aimed his ninth Budget at pensioners and homebuyers with a series of promises including council tax refunds and an increase in the stamp duty threshold.
13 February 2012
First-time Buyers Numbers Increase
The number of first-time buyers, who are currently exempt from paying stamp duty on properties up to £250.000, increased in December, according to data released today by the Council of Mortgage Lenders. There were 18,700 loans advanced, worth £2.3 billion, up 7% by volume and 10% by value, from November.
First-time Buyers Numbers Increase
The number of first-time buyers, who are currently exempt from paying stamp duty on properties up to £250.000, increased in December, according to data released today by the Council of Mortgage Lenders. There were 18,700 loans advanced, worth £2.3 billion, up 7% by volume and 10% by value, from November.
02 September 2008
Chancellor Announces Stamp Duty Exemption
Chancellor Alistair Darling has announced that properties worth £175,000 and less will be exempt from stamp duty. The new measure will apply to transactions with an effective date on or after September 3, 2008 and before September 3 2009.
Chancellor Announces Stamp Duty Exemption
Chancellor Alistair Darling has announced that properties worth £175,000 and less will be exempt from stamp duty. The new measure will apply to transactions with an effective date on or after September 3, 2008 and before September 3 2009.
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Northern Ireland WeatherToday:A few fog patches at first, soon clearing to leave a dry day with some patchy cloud and good sunny spells. Light and variable winds. Feeling mild in sunny spells. Maximum temperature 14 °C.Tonight:Dry and quite chilly overnight under prolonged clear spells and light winds. This will allow a few fog patches to develop in places. Minimum temperature 2 °C.
