Conservative MP's Say Stamp Duty Should Start At 500,000

Stamp duty currently kicks in on homes worth over £125,000 however a group of Conservative MPs have recently suggested it should only be payable on homes above £500,000.

The reason for the increase in the threshold is the idea that working class households need more help than others. The hope is that this move will potentially improve living standards.

The change of threshold would mean £2.4bn less tax revenue would be paid to the Government and because of this loss of income the Deputy Prime Minister, Nick Clegg, suggested the wealthiest home owners should "pay a bit extra".

Additionally the "Free Enterprise Group" of MP's has said that, "Stamp duty is a notoriously inefficient tax".

Stamp Duty is currently paid on properties worth over £125,001, at a rate of 1%.

If you are purchasing a property over £250,001 this increases to 3%, with 4% Stamp Duty on those homes worth £500,001 or more.

The Liberal Democrats have said they want to introduce a "mansion tax" on properties worth more than £2m with Lib Dem leader Nick Clegg agreeing, saying this was a "fair" and "rational" proposal. 

If you want to talk to one of our Altrincham Conveyancing Solicitors about stamp duty and the purchasing or selling of properties please call out team on 0161 928 5558  or email us at fottavianelli@collings-solicitors.co.uk.

Collings Solicitors

Altrincham Conveyancing Solicitors

Tel: 0161 928 5558