Stamp-duty slash 'being considered'

14-Jul-2008

Officials are looking into the possibility of cutting stamp duty, with the aim of injecting life into the property market and helping first-time buyers onto the ladder, according to reports.

A minister for the Treasury confirmed to Glasgow's Sunday Mail that the prime minister is considering slashing the tax on some homebuys to tackle current housing market difficulties.

"Ministers and officials are very exercised about it and they are looking at a lot of different measures," remarked the spokesperson.

The speculation follows a recent meeting between housing minister Caroline Flint and the Royal Institution of Chartered Surveyors, where plans for reforming stamp duty - including the possibility of a 'stamp duty holiday' - were discussed.

It has been suggested that the tax is currently discouraging many property-seekers from entering the market, with an estimated £31.5 billion paid by homebuyers over the last ten years alone.

Earlier this month, trade body the Association of Home Information Pack Providers suggested a suspension of stamp duty would ease the affordability difficulties faced by first-time buyers.

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