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Fairer rates on stamp duty needed – Savills

Savills Private Finance is disappointed that Gordon Brown&#39s
pre-budget speech yesterday did not take the opportunity to introduce
a fairer stamp duty regime.

Savills believed that the current system of banded rates is hindering
sales of properties valued at around the banding levels, particularly
the £250,000 band at which stamp duty jumps from one per cent to
three per cent.

Associate director Simon Jones says: “People whose properties are
valued at just above £250,000, for example, are finding it very difficult
to sell because buyers just don&#39t want to pay the huge stamp duty
which is incurred above this level. Fairer treatment would be to
introduce a tiered rate so that you only pay the higher level of stamp
duty on the amount above the threshold. This would be a significant
saving for the individual and I suspect, given the average house price
of £100,000 or so, a fairly small dent in the Chancellor&#39s coffers.”

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