No chance of scrapping stamp duty, says expert
There is little chance of the government abolishing the stamp duty for those choosing to purchase homes, it has been argued.
Peter Cosmetatos, director of finance and investments at the British Property Federation, explained that although the tax is creating less revenue than ministers would like, it is unlikely to be given up.
Those buying property currently have to pay a rate of between one and four per cent for a home over £175,000 and he noted that calls have been made for a temporary holiday to be applied.
However, Mr Cosmetatos stated: "I don't think there is the slightest prospect that the government would do it, so it would be a waste of time to ask for it," adding that the government's "coffers are pretty bare", meaning it will be unwilling to give up the charge.
Those planning to live in London may be prompted to rent rather than buy as a result, in order to avoid paying the additional cost.
Published 13th March, 2009
© 2009 Estates IT Limited
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There is little chance of the government abolishing the stamp duty for those choosing to purchase homes, it has been argued.