Call for Chancellor to make stamp duty concessions.PRESSURE was mounting yesterday on Chancellor Gordon Brown to make stamp duty Stamp Duty An ad-valorem or flat rate charged upon certain documents. Notes: This is an extra charge placed on documents. See also: Ad Valorem Tax Stamp duty Applies mainly to international equities. concessions part of the Budget later this month. Calls to raise the threshold at which the property tax becomes payable are being sounded across the industry - by lenders, consumer groups and professional bodies. A petition by building society chiefs - led by Andrew Messenger of the West Bromwich Building Society West Bromwich Building Society is a UK building society, with its headquarters in West Bromwich, in the West Midlands in England. It was the official club sponsor of West Bromwich Albion F.C. for seven seasons from 1997–2004. - has collected 22,000 signatures for stamp duty reform, details of which were due to be handed No 11 Downing Street Downing Street, Westminster, London, England. On the street are the British Foreign Office and, at No. 10, the residence of the first lord of the Treasury, who is usually (although not necessarily) the prime minister of Great Britain. late yesterday. Former president of the National Association of Estate Agents Trevor Kentwill said: 'Stamp Duty is collected by the solicitor acting for the house buyer at the rate of 1% from pounds 60k to pounds 250k, 3% from pounds 250 to pounds 500,000, and 4% above pounds 500,000 and sent off to the Government, with a very low collection cost for Government and a pounds 4bn take. 'Before Labour, the average first-time buyer paid no stamp duty at all - now they pay around pounds 1,500. A 'raise in the roof' of when stamp duty clicks in to pounds 150,000 (from the current pounds 60,000) in line with house price inflation would take 50% of first time buyers out of the tax |
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