Mayor of London Boris Johnson has called on George Osborne to exempt London homes from stamp duty.
During his speech at the Conservative party conference yesterday, Johnson railed against the โbalefulโ effects of the tax on Londonโs housing market.
Johnson said that the tax, levied on homes bought for more than ยฃ125,000, was โstamping on the fingers of those trying to climb the housing ladderโ.
Currently stamp duty is taxed at 1% for homes purchased for between ยฃ125,000 and ยฃ250,000; at 2% for purchase prices between ยฃ250,001 and ยฃ500,000; 4% between ยฃ500,001 and ยฃ1 million; 5% between ยฃ1 million and ยฃ2 million and 7% over ยฃ2 million.
Homebuyers in the capital paid a record ยฃ2bn in stamp duty to the Chancellor last year, making up more than 40% of the national total.
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