Stamp duty "remains unfair"
Posted: 06 Sep 2006 12:06:46 GMT
New figures released by Portman Building Society have shown that stamp duty raised one billion pounds for the government in the second quarter of 2006.
On average homeowners paid £3,735 in stamp duty per property, which is an increase from the first quarter's figure of £3,477.
Stamp duty taxes for the three months up to June 30th 2006 showed a 30 per cent increase in revenue for the government compared to the first quarter.
Matthew Wyles, group development director at Portman Building Society, stated: "Stamp duty continues to be a deeply unfair tax to all who pay it."
The government's decision to heighten the stamp duty threshold from £60,000 to £120,000 and then a further rise to £125,000 isn't enough according to Mr Wyles.
"The burden of this tax will continue to increase unless the government undertakes a radical alteration to its policy," he commented.
"Whilst the threshold increases have been assured by the government to help first-time buyers they seem to have had little effect."
The average first-time buyer property price is currently £147,868, which is over £22,000 above the threshold.
Therefore critics of the tax argue that it is making it even harder for first-time buyers to get a foot on the property ladder.