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Abolish stamp duty demand.

MORE than a quarter of home buyers in England and Wales are now paying stamp duty at the higher rates of 3% or more and facing bills of over PS7,500, according to research published today.

The data was released as pressure group the TaxPayers' Alliance launched a Stamp Out Stamp Duty campaign calling for a cut in the 'punitive' levy.

It raised PS4bn for the Treasury in 2012/13 - some PS3.6bn collected at rates of 3% or more.

The report said: "In Wales, 2,950 homes were bought with a Stamp Duty rate of 3% or more in 2012-13. This was 8% of all of the transactions in the region. These transactions made up 64% of total Stamp Duty revenues in the region."

The UK government is consulting businesses on if the Welsh government should get control of stamp duty land tax, a key recommendations of the Silk Commission. The tax is on properties worth over PS125,000 - starting at a 1% rate and rising to 7% as the value increases.

TPA chief executive Matthew Sinclair said: "The Government needs to act on ministers' rhetoric about getting people onto the property ladder and cut this unfair tax."
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Title Annotation:Business
Publication:Daily Post (Conwy, Wales)
Geographic Code:4EUUK
Date:Aug 6, 2013
Words:199
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