Budget 2007 Announcement: Stamp Duty
The Chancellor failed to announce any change in stamp duty thresholds which will come as a big disappointment to first time buyers hoping for an exemption to support their efforts in making a first step on the property ladder.
But what does this mean for first time buyers and younger groups trying to make their first step on to the property ladder?
With property prices rising by almost 11% per year according to the Government's own figures first-time buyers and families have been left worse off with stamp duty thresholds being left where they are.
The nature of stamp duty is considered increasingly unfair and this was widely regarded as Gordon Brown's last chance to do bring in changes.
Thisismoney.co.uk commented:
Stamp duty is a tax that hurts first-time buyers and families already struggling to move up the property ladder and until it is charged in a similar stepped way to income tax rather than its current slab charge it will remain the un-fairest tax around.
For more of Gordon Brown's announcement, visit our special Budget 2007 section.
