The Stamp Duty holiday could return
A campaign by the National Association of Estate Agents has called for the Stamp Duty holiday to return. The reason why the campaign has been set up is due to the discovery of the rising Stamp Duty tax made by the Treasury.
The Treasury gained £5,960 million in 2010/2011 from Stamp Duty which was a 22% increase from the £4,885 million it gained in 2009/2010.
The highest rise in revenue made from Stamp Duty was in the East Midlands, Scotland and London at 33.3%, 32% and 27.7%.
These figures are released at a time when thousands are struggling to afford rent, never mind a deposit on their own home. The market that has been hit the hardest is the first time buyer, which is why the National Association of Estate Agents is urging the Government to reinstate the Stamp Duty holiday.
The Stamp Duty holiday meant that properties under the value of £250,000 could be bought without paying Stamp Duty, saving up to £2,500. This was particularly helpful for first time buyers, whose usual price bracket is within this figure. The scheme was introduced in 2010 and ended in March 2012.
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