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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.”


Invesco&#39s trust pays off as share price soars

Invesco has seen its controversial investment in Millfield Group bring big returns as the Millfield share price has leapt by almost 60 per cent since August. The company&#39s share price reached 84.5p on Tuesday this week, a big rise from 49.5p on August 5, when Invesco manager Neil Woodford sparked controversy by pumping millions of […]

Wilful deprivation

Both my parents are in long-term care. Most of their assets are owned by my father so only he has to contribute to the cost of his care. While my mother is by no means fit and healthy, she could nonetheless live for many more years. My father, however, is in very poor health and […]

Millfield cuts losses and boosts turnover

Millfield Group has reduced its losses and increased turnover by two-thirds while agreeing a £10m investment in its Lifetime wrap venture from Norwich Union. The Aim-listed national IFA cut its losses by 4.5 per cent to £5.6m in the six months to September 2003 from £5.9m for the same period last year and saw turnover […]

Pensions set for property freedom

Pension schemes could invest directly in residential property under plans in the Inland Revenue&#39s second round of pension simplification consultation. The Revenue is proposing to include residential property in the range of permitted pension investments although a pension benefit in kind would be levied where property is used by a related party. Most experts see […]


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