Government Suspends Stamp Duty up to £175,000

Today the Government announced a temporary exemption from Stamp Duty for residential property purchases which fall under £175,000.  The exemption will apply until 3rd of September 2009.

Prime Minister Gordon Brown said the package of measures - including help for first-time buyers and families facing repossession - showed the government was taking action to help people through difficult times.

In total the government estimated it will loose £600 million by lowering the stamp dute levels.

Previously, Stamp Duty was charged at 1% on property transactions of between £125,001 and £250,000, 3% for those between £250,001 and £500,000, and 4% for those of £500,001 or more.

For more information go to: http://news.bbc.co.uk/1/hi/uk_politics/7592852.stm