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Bid to stamp out charges
11:00am Wednesday 28th August 2013 in News
HOMEBUYERS in Hampshire have been warned that more than a quarter of them face a Stamp Duty bill for £7,500 or more.
And the TaxPayers’ Alliance (TPA) has called for the Government to stamp out the charges that new homeowners have to pay.
While homebuyers in the south-east are some of the hardest-hit, more people across the country have to pay Stamp Duty at the three per cent rate.
Families buying a home for between £250,000 and £500,000 paybetween £7,500 and£15,000 in Stamp Duty.
Under the banner of Stamp Out Stamp Duty, the campaign website enables people to find out how their area is affected and quickly send a customised message direct to their local MP, urging them to support a cut.
In 2012 to 13, over £4 billion was paid by home-buyers in residential Stamp Duty, of which £3.6 billion was paid at a rate of three per cent or more.
In the south-east, 48,419 homes were bought with a Stamp Duty rate of three per cent or more in 2012 to 13.
This was 39 per cent of all of the transactions in the region, and these transactions made up 91 per cent of total Stamp Duty revenues in the region.
Both recent major reviews of the British tax system – the 2020 Tax Commission from the TaxPayers’ Alliance/Institute of Directors and the Mirrlees Review from the Institute for Fiscal Studies – concluded that Stamp Duty should be abolished.
Matthew Sinclair, chief executive of the TaxPayers’ Alliance, said: “Owning your own home is an important milestone, but for many families it seems harder and harder to reach.
“Ministers have done nothing to ease the burden imposed by Stamp Duty, which is an unfair double tax that gets in the way of wouldbe first-time buyers and others thinking about moving.
“Instead they have made things worse with new thresholds and new, higher rates.
“The Government needs to act on ministers' rhetoric about getting people onto the property ladder and cut this unfair tax.”
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