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Are Ministers Set To Reduce House Purchase Stamp Duty?

As news from the housing market gets worse with Halifax confirming that prices are falling quicker than ever before it seems as though the government may be set to help the markets. There is strong speculation that the government has been discussing the possibility of adjusting the bands on which stamp duty is paid, and the amount payable. When you consider that the government has collected over £31 billion in stamp duty over the past decade, a lightening of the load should be on the cards!

Yet again we are feeling the affects of a move which was instigated by Gordon Brown in his time at the Treasury. Even though stamp duty was payable on house purchases before Mr Brown came to office, he greatly increased the amounts payable and the rates involved. Put this together with the pension tax debacle and the 10p tax band - all ideas of Gordon Brown - and his time at the Treasury does not look as good as it once did.

Lets hope that the authorities act quickly on any change to stamp duty payments and breathe some much needed life into a dying industry, before it is too late.

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