Tories reveal plans to increase stamp duty threshold

09 February 2010



The Conservative Party has announced it would increase the stamp duty threshold to £250,000 if it gets into power later this year. Revealed at the launch of a new report entitled A New Economic Model: Eight Benchmarks for Britain, it noted that the current threshold of £125,000 would be scrapped.

Labour had imposed a stamp duty holiday on properties valued at between £125,000 and £175,000, although this came to an end on 31 December 2009. Robert Sinclair, Director at the Association of Mortgage Intermediaries, told Mortgage Strategy: "The stamp duty holiday was welcome and the Tory plan to raise the threshold would provide a boost for first-time buyers while helping first-time movers too."

Shadow Chancellor George Osborne suggested that around 90 per cent of first-time buyers would avoid paying the tax on their properties. Furthermore, he announced that the Consumer Protection Agency would take over the Financial Services Authority's existing responsibilities.

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Posted by Gwen Tilbury

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