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AMI backs Tory GBP250,000 Stamp Duty threshold plans

Wednesday 3rd February 2010

The Association of Mortgage Intermediaries (AMI) has voiced its support for Conservative plans to raise the current stamp duty threshold to GBP 250,000.

The plans were announced by Shadow Chancellor George Osborne MP yesterday.

Robert Sinclair, AMI Director, said: "The current Stamp Duty regime distorts the market and prevents first time buyers from getting a foot on the property ladder. The Stamp Duty holiday last year was a welcome piece of common sense from Government. And the Conservative plans to raise the Stamp Duty threshold to GBP 250,000 would provide a welcome boost to many first-time-buyers and also provide assistance to first time movers in many parts of the country. This would do much to support the housing market.

AMI added that a more fundamental review of the “antiquated tax” was still needed, however.

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Posted By Clive Norman on Wednesday 3rd February 2010 11:41:45

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Regarding your article on Stamp Duty and the Conservatives plans to raise the threshold to £250,000. When will polititians realise that Stamp Duty will always cause problems within the housing market all the time it is adminitered in its current format. This would cease if it were made progressive like other taxes, after all a higher rate tax payer doesn't pay 40% on all their income so why should stamp duty jump from nil to £1,250 when a property is sold for more than £125,000 and then again from £2,500 to £7,500 when a property value reaches £250,001.

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