57% benefit from not having to pay Stamp Duty

Last year’s government scheme exempting home buyers from Stamp Duty surpassed original Council of Mortgage Lenders (CML) estimates. During this concession period, 57% of homebuyers were exempt from Stamp Duty tax.

In 2008 the government temporarily raised the nil rate thresholds for stamp duty to £175, 000, with the CML predicting that over half of all homebuyers would avoid Stamp Duty. During its peak in the first three months of the year, 57% of all mortgage buyers avoided the Stamp Duty tax.

According to the CML, it was those home buyers in London and the South-East that lost the most from the Treasury’s concession on Stamp Duty.

In 2009, before the Stamp Duty threshold was raised, the Northern and Yorkshire & Humberside regions both had the greatest proportion of exempt transactions or purchases under £125, 000, but in each of these regions this was still under half. A year later, with the higher threshold in place, over three quarters of transactions in the North were exempt from the house buying Tax.

 


by admin
Monday 14th of September 2015 09:34:29 PM