Stamp duty 'should be reformed'

15-Mar-2007

In news which may be of interest to prospective first time buyers, an expert has claimed that the current system of stamp duty should be reformed.

According to Ray Boulger from mortgage advisors John Charcol, properties should be exempt from payments of stamp duty until they pass a threshold of £200,000, which could help first time buyers concerned about the costs of home ownership.

"The system as it stands is massively flawed and requires a complete overhaul to make it fairer and bring it in line with current property market conditions," said Mr Boulger.

"The most obvious way to reform the system would be to mirror the way income tax works," he added.

Indeed, under the reform proposals, for properties between £200,000 and £1 million, stamp duty would be charged at a rate of five per cent, with a six per cent tax levied against those exceeding the £1 million price tag.

Find out more about the house-buying process including stamp duty, home information packs and conveyancing click here.

John Charcol was established in 1974.

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