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Will the new Prime Minister reform stamp duty?

Forbes Estates

Published by Paul Forbes · August 11 at 12:01 PM · 

* The new Prime Minister, Boris Johnson, has said he is considering stamp duty reform during his premiership

* Changes to stamp duty can have a big impact on cooling or stimulating the level of activity in the UK housing market.

Measures he has aired publicly to date include:

• Increasing the base threshold to £500,000 from £125,000 to increase activity at the bottom end of the market

With an Average House Price in Chorley Of £193,000.00 this will certainly help Local buyers

• Reducing the top rate tax to 7% from 12% for £1.5m+ homes to increase activity at the top end of the market

• Sellers paying stamp duty and not buyers. However this is likely to be very unpopular with current owners having to 
pay tax twice

* Unfortunately there are no plans to eliminate the 3% surcharge on Landlords and Investors

For further information or any local property advice please email info@forbesestates.com, DM or contact Paul Forbes on 01257 273324.