BPF: No chance of stamp duty holiday in next Budget

Date:Thursday 12th March 2009
Author: Max Freedman

There is no chance of the government including a stamp duty holiday for all in the next Budget, an expert has stated.

Peter Cosmetatos, director of finance and investments at the British Property Federation (BPF), said that the organisation is not campaigning for such a move.

"I don't think there is the slightest prospect that the government would do it, so it would be a waste of time to ask for it," he said.

While stamp duty brings in only half of what was expected, he continued, it still amounts to "hundreds of millions a month" and he pointed out that the "government's coffers are pretty bare".

Last September, the government announced a temporary suspension of stamp duty on properties worth up to £175,000.

The Land Registry has said that 32,985 transactions have been affected by this.

According to HM Revenue and Customs, stamp duty is now one per cent for properties bought for anything between £175,000 and £250,000.