Stamp duty cut unlikely to make a big difference

Gordon Brown's recent statements in context to a reduction in the stamp duty rate has offered little relief to the homebuyers.

London (Shakespeare Finance) September 5, 2008: The recent statement made by Brown offered little respite to the already burdened homebuyers amidst mounting evidence that Britain is falling into recession sooner than expected.

The Treasury made a notification announcing a one-year stamp duty holiday. This notification is applicable to houses worth up to £175,000, this announcement is likely to save close to £1,750 of the homebuyers.

This announcement is also likely to benefit the first-time loan buyers with low incomes by offering interest free loans. It is also likely to offer more help to those who want to avail repossession and looking for more money for social housing.

Mike Warburton, a senior tax partner of accountants Grant Thornton, remarked that any fiddles in the stamp duty rates is likely to create a false market, since the fundamentals cannot be changed.

Overall, the homebuyers are in no mood to greet this announcement by Brown as there were hopes of a better stamp duty cut.

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