2 Dec

Government under pressure to extend stamp duty holiday

Government under pressure to extend stamp duty holiday

A group of Labour backbenchers are putting pressure on Gordon Brown and Alistair Darling to extend the stamp duty holiday beyond December 31st.

The National Association of Estate Agents (NAEA) and the Association of Residential Lettings Agents (ARLA) have welcomed the Early Day Motion put forward by eight MPs in the House of Commons.

Chief executive of the NAEA Peter Bolton-King urged the government to reconsider the stamp duty deadline: "If the stamp duty exemption is not extended at this fragile point of recovery, we fear that months of work will instantly unravel causing a great deal of damage to the market."

In November, a number of industry associations lent their support to a campaign, which was set up by the NAEA and ARLA, calling on Westminster to urgently review stamp duty and modernise the tax.

The 1808 coalition is named after the year that stamp duty was first introduced on property sales in the UK. The new threshold of £175,000 came into force in September 2008 as a temporary measure to stimulate the housing market during the recession.

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