Home Residential Property Boris Johnson calls for London exemption from stamp duty

Boris Johnson calls for London exemption from stamp duty

by Sponsored Content
2nd Oct 13 11:54 am

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 โ€œbalefulโ€ effects of the tax on Londonโ€™s housing market.

Johnson said that the tax, levied on homes bought for more than ยฃ125,000, was โ€œstamping 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.

You need to read:

  • David Cameron: Profits, wealth creation and taxes are โ€œnot dirty wordsโ€
  • Cameron says Boris returning to Commons would be โ€œgreatโ€

Leave a Comment

CLOSE AD