23 Aug

Stamp duty to increase for buyers by 2018

Stamp duty to increase for buyers by 2018

The amount of stamp duty that buyers need to pay on houses they purchase through estate agents will see a significant increase in the next five years - a result of the current price rises in the market.

According to findings by the Taxpayers' Alliance, the cost of the average tax levy will have hit £7,500 for more than a third of homes by the end of 2018.

It added that some 100,000 homes that were purchased in the band for one per cent stamp duty in the current market throughout 2013 will rise so significantly in price in the next five years that the stamp duty will rise to three per cent.

"As the property market recovers, more and more people will be sucked into paying punitive rates of stamp duty and it will be more expensive to move than ever,’ said Matthew Sinclair," chief executive of the TaxPayers’ AllianceADNFCR-1222-ID-801629241-ADNFCR

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