Stamp duty scrap unlikely

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The editor of Property Investor News has said it is unlikely that the government will scrap stamp duty, despite the fact that those in the housing industry may be in favour of the move.

According to Richard Bowser, if the economy is on its way to recovery within a few years, a number of new duties could be introduced.

"With the assumption that the economy is going to be returning towards some degree of normality, then no doubt all sorts of taxes and tax levels will be coming in, so I cant really see [a cut] in stamp duty," he said.

Mr Bowser added that even though the Royal Institution of Chartered Surveyors had reported that buyer enquiries were up, it was unlikely that these would translate into sales as lenders are not releasing the required funds.

The news may be of interest with homeowners looking to decide whether to move or improve.

Current stamp duty rates on homes purchased for less than £175,000 will remain at zero per cent until September 2nd 2009, according to HM Revenue and Customs."ADNFCR-1495-ID-19079065-ADNFCR"

 

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