The Liberal Democrats have pledged to raise the starting level on stamp duty land tax from £60,000 to £150,000 if elected into government.
Setting out the party’s ‘alternative budget’ leader of the party Charles Kennedy MP and shadow chancellor Vince Cable MP yesterday announced it would use tax cuts worth £5bn to help lift over 400,000 homebuyers out of the current stamp duty bracket, which requires 1% of the property value be paid to the Treasury on all properties worth between £60,001 and £250,000. “In recent years, first-time buyers have been squeezed out of the housing market by the large increases in house prices,” according to the alternative budget report. “It is essential that we start to make the housing market...
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