UK Stamp Duty Holiday Comes To An End

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The UK government's stamp duty holiday on properties worth between GBP 125,000 and GBP 175,000 ends on January 1, 2010. It means consumers will incur a 1% tax for any house purchase costing more than GBP 125,000.

When the tax was lifted temporarily in September 2008, the Treasury estimated that the concession on stamp duty would cost the government GBP 615 million in lost revenue.

The Council of Mortgage Lenders (CML), however, estimates that total revenue lost by the government is more in the range of GBP 500 million due to the subdued nature of the property market.

The CML said that the tax break was of the greatest benefit to buyers in the South East of England and London, while those in Northern Ireland are set to be the biggest losers.

The UK government's stamp duty holiday on properties worth between GBP 125,000 and GBP 175,000 ends on January 1, 2010. It means consumers will incur a 1% tax for any house purchase costing more than GBP 125,000. (Market News Provided by RTTNews)