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Call To Scrap Stamp DutyWednesday 4th November, 2009Bodies including the National Association of Estate Agents (NAEA) and the Association of Residential Lettings Agents (ARLA) – forming the 1808 Coalition - are calling for a massive shake up on what they call a "tax on aspiration". The demands include a complete suspension of stamp duty during the housing downturn. According to the group, nine in 10 estate agents feel it should be extended, while 86 per cent feel the tax is unfair. A further 81% believe a reform of stamp duty would have a positive effect on the market. It also penalises those investing in buy-to-let portfolios, who have to pay the levy on the bulk price. A coalition of the National Association of Estate Agents and the Association for Residential Letting Agents said the tax was a barrier to entry for first-time buyers and “unfairly penalised” people investing in buy-to-let portfolios. Stamp duty is currently charged at 1% of the purchase price on properties costing between £175,000 and £250,000, although this will fall back to ones costing from £125,000 from the beginning of next year. People buying a property for between £250,000 and £500,000 have to pay 3% of the purchase price in stamp duty, while the tax is charged at 4% on homes costing more than £500,000. Tenant Direct is an independent firm specialising in Property Management and Residential Lettings in Southampton. As specialists in our field, we are fully committed to providing a first class service tailored to the individual needs of Tenants and Landlords alike. |