In a story reported in the financial industry newspaper, Financial Adviser, Mr Paul Boateng MP, chief secretary to the Treasury, has said that there are no plans to remove or reduce stamp duty to reduce the costs of property purchase. The question to him was raised by Eddie McGrady (SDLP).
Our View
As ever with any Government, taxation increases are done by stealth, rarely do the Government keep our allowances with inflation let alone National Average Earnings Index increases.
Stamp Duty is charged on properties above £60,000. This has not changed in over 10 years meaning that virtually every single property transaction now pays tax. This year, the inheritance tax threshold went up by just £5,000. An increase of just 2%. Yet property values have soared by more than 15% in the last year and nearly doubled in the last 5 years alone meaning that just with property alone, many people now breach the inheritance tax threshold of £255,000.
Who's looking after who? Taxes keep rising and benefits falling!
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