Stamp Duty Delight
The Chancellor’s announcement to raise the threshold for stamp duty to £120,000 is great news for first time buyers said Newport West MP Paul Flynn.
Mr. Flynn was speaking following the Chancellor’s Budget speech in the House of Commons.
“The threshold for stamp duty was £60,000 and has not been amended for 10 years. Nearly three-quarters of first-time buyers have become liable to pay it as a result of rising property prices. This announcement to increase the threshold is very welcome news.”
Mr. Flynn tabled an Early Day Motion calling for the threshold to be increased. The Motion (below) has been signed by over 60 MPs from all parties.
That this House supports the campaign to Raise the Roof on stamp duty by increasing the tax threshold from £60,000 to £150,000; notes that the percentage of first-time buyers exempt from stamp duty has fallen from 70 per cent. to 24 per cent. in the past 10 years; and agrees with the West Bromwich Building Society and Mortgage Watchdog's chief Monty Burn that recent house inflation justifies the removal of this penalty in order to provide relief to people on low incomes.
A similar EDM was tabled in the last session of Parliament.