Britons now pay £3,735 stamp duty for the average house price.
Increasing house prices entail Britons now paying £3,735 in stamp duty land tax each time we move home .
Overall, Brits are presently forking out £1 bn in stamp duty every three months, so Portman Building Society research confirms.
The government received 30% more stamp duty in the first three months than in the last three months, with the stamp duty amount paid per property going up by 6%.
Stamp duty is certainly not a fair tax.
Its burden continues to increase unless there is a governmental undertaking to alter its policy.
Other than certain exceptions, stamp duty is payable on properties worth more than £125,000 at a rate of 1%.
This goes up to 3% on houses that cost more than £250,000 and further up on houses that cost more than £500,000.
The nil-rate went up by £65,000 over the last two years, yet these increases have not accounted for the soaring house prices of the last decade.
Your average first time buyer property presently costs £147,868 (more that £22,000 over the new threshold level). People can buy their first homes for below the threshold in certain parts of the country, yet the change offers little relief for those who would like to get on the property ladder in London or in the south.
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Britons Now Pay Over 3K Stamp Duty
Thu, 07 Sep 2006
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