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Stamp duty abolition &#39cheap giveaway&#39

Gordon Brown’s decision to abolish stamp duty on all property transactions in deprived parts of the UK has been branded a "cheap give away" by industry sources.

The Treasury claims dropping stamp duty will revive depressed property markets and encourage families to live in disadvantaged areas.

But mortgage experts say few houses in such areas would be worth over £60,000, the minimum a house must cost to incur stamp duty.

They fear regions the Treasury exempts from the tax will become stigmatised, leaving existing homeowners in these regions unable to sell their house.

Observers say the real beneficiaries of the new rules will be landlords, who will be able to buy properties in depressed areas at a cheaper rate than before.

The budget helps them do this by introducing a 5 per cent reduced rate of VAT for the cost of converting residential properties into a number of dwellings.

London & Country mortgage specialist David Hollingworth says: "I’d like to know just how many properties in these areas come within the stamp duty band. It’s a green light for landlords and developers to get stuck in."


Sagitta Asset Management – Sagitta Healthcare Fund

Thursday, 8th March 2001.Type: Ucits.Aim: Growth by investing in healthcare companies.Minimum investment: $50,000.Place of registration: Dublin.Isa link: No.Charges: Annual 1.25 per cent.Commission: None.Tel: 020 7543 1514. 

Portman offers fixed, tracker and discount loans

Portman Building Society is rolling out a new range of mortgages this week, offering a choice between discounted, fixed and tracker loans. The society&#39s three-year stepped discount reduces its 6.99 per cent standard variable rate to 4.49 per cent until May 2002 followed by a 5.49 per cent rate until May 2003. The redemption penalty […]

Health kick from Sagitta

Sagitta Asset Management has designed a global healthcare fund that aims to exploit investment opportunities in this small but rapidly expanding sector.This Dublin based Ucits invests in healthcare stocks such as biotechnology, medical technology and healthcare management. Stocks will be selected according to their growth potential, although the biotechnology stocks will be later stage companies […]

Taxing times with IR35

Not only do IFAs have regulatory changes to consider they also have the potential implications of IR35 to look forward to. The Inland Revenue and the Government have for a long time been looking at ways of counteracting perceived avoidance of Schedule E & NIC. The attack at service companies and the newer extension to […]


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