43% of residential property in the UK is exempt from stamp duty

Approximately 43% of residential property in the UK will not be subject to Stamp duty if the minimum level of taxation will increase to £250,000 pounds.

There is confirmation of rumors that the Chancellor of great Britain Phillip Hammond may announce a temporary freeze Stamp duty for homebuyers to help first-time buyers bought their housing, to become owners. Currently, tax-free amount – is £125000.

According to the study, 15% of cities more than 90% of the real estate will be sold at all without the Stamp tax, and 45% of the cities three quarters of the estate will be no Stamp duty.

The least influence innovations will be exposed to the real estate in London, where only 2.4% of all real estate worth less than £250000. This is followed by the North London, where 11.4% of the real estate falls under the new rules, then – Cambridge – 11,8%, Oxford is 13.9%, Guildford – 13,1%, Brighton – 17.1%; and baht 18.5 per cent.

If the bill is passed, it will not be the first time such rules were introduced in the UK. In 2010, Stamp duty was frozen for those who first buys a property for two years. Then, as a result of this measure managed to achieve the desired effect is to free the housing market from the stagnant real estate.

® Helen Entree. 22.11.2017 G.

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