29/11/2001

Reid welcomes abolition of stamp duty

The Secretary of State, Dr John Reid has welcomed the move to abolish stamp duty in property purchases in Northern Ireland under £150,000.

The abolition revealed in UK Chancellor Gordon Brown’s pre-budget report will apply in 237 different wards throughout the province from November 30.

Speaking on Wednesday November 28 Dr Reid said: “The abolition of the stamp duty in disadvantaged wards is excellent news for home and business owners throughout Northern Ireland. Businesses and homebuyers in 237 wards will benefit, from Killyleagh to Crossmaglen; and from Bushmills to the Shankill.

“This proposal in the Chancellor's pre-budget report may be the impetus for even more people to buy their own homes and allow those business people amongst us to consider a start-up venture or even an expansion.

“This measure will be a welcome boost for all. It is a tribute to the Government's sound fiscal management that it is possible against a backdrop of difficulties in the global economic arena.”

Sinn Féin Chairperson of the Assembly Finance and Personnel Committee, Francie Malloy has also welcomed the move. He said: “The abolition of Stamp Duty is to be welcomed as it will hopefully create business and development opportunities within deprived areas. This recognition of deprivation within certain areas also gives a clear direction for government agencies to follow the example to target investment in services, facilities and infrastructure in these areas.” (AMcE)

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