Treasury downplays stamp duty abolition rumours

08 2008
The Treasury has been quick to point out that recent speculation that stamp duty may be abolished is "simply wrong".

At present, any would-be first-time buyers are required to pay one per cent of the value of their home in stamp duty, forming yet another barrier for those looking to make the step out of the rental sector.

Thousands of people would therefore have welcomed a report in the Sun earlier this week that the chancellor Alistair Darling is looking into scrapping the unpopular tax in order to reignite activity in the relatively dormant housing market.

However, a statement released by the Treasury has downplayed such rumours, saying: "Recent news stories suggesting the government has put forward a proposal on stamp duty are simply wrong. These stories are based on speculation.

"As has been said on many previous occasions, the government has made clear that there are a number of options we will need to consider to help businesses and people get through what is undoubtedly a difficult time."

Stamp duty as well as general uncertainty in property was cited by mform.co.uk as a reason behind the fact that its recent study found that just 34.5 per cent of first-time buyers are currently under the age of 30. ADNFCR-1219-ID-18723521-ADNFCR

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