Liberal Democrats pledge change to Stamp Duty (Birmingham Liberal Democrats)

Birmingham Liberal Democrats <info@birminghamlibdems.org.uk>

Liberal Democrats pledge change to Stamp Duty

March 1, 2005 4:09 PM

The Liberal Democrats pledged to raise the stamp duty threshold to £150,000 to help first-time buyers. The tax on homes costing more than £60,000 has not changed for more than ten years, despite a huge increase in property prices. The new Liberal Democrat plans would stop 400,000 buyers paying stamp duty.

Dr Vincent Cable MP, Shadow Chancellor of the Exchequer said "Our tax system currently reinforces rather than mitigates inequality. The poorest 20% pay a higher percentage of their income in tax than the top 20%. People don't want to pay more tax but they want it distributed more fairly. That is why we advocate scrapping Council Tax and replacing it with Local Income Tax (LIT). The majority of households will benefit or face no change under our system. Families on average income will benefit by over £450. That is also why we are lifting over 400,000 home-buyers, largely first time buyers, out of paying Stamp Duty."