Is Stamp Duty Going to Be Abolished?

There has been an ever-increasing call for stamp duty to be scrapped all together. With the turmoil currently happening in the housing market this cry has been getting louder and louder.

Rumours that the government is planning a major change in relation to stamp duty are beginning to circulate. There is a need to urgent clarification on the issue.

Earlier in the month Mr Darling hinted that something was in the pipeline to help the property market.

There are even rumours about a temporary suspension or relief from stamp duty in the coming months.

There has also been talk of a deferral of the stamp duty, so that first time buyers especially (or only) would not need to pay it immediately and might only need to pay it as and when they move up the property ladder.

The uncertainty is not helping the housing market to stabilise and clarification is needed on any proposals the government has.

Any potentially homebuyer that gets wind of the rumours is likely to hold of any purchase of property, until the situation has been clarified. This in turn is destabilising the economy even more.

An announcement is thought to be eminent as regards to the government’s exact plans are as regards to this matter.

However, they are being cautious sense any decision that they make might have an immediate impact on the feasibility of Gordon Brown remaining in power.

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