Government extends stamp tax holiday

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Government extends stamp tax holiday

Fri 24th Apr 2009

The government has announced that the stamp tax holiday will be extended until the end of this year, which could be good news for first-time house buyers.

Stamp tax, which is charged on house purchases over a certain value, will not now be charged on houses worth up to £175,000 until after the end of 2009.

Alistair Darling, who announced the measure during his Budget speech earlier this week, said that 60 per cent of residential properties would now be exempt from the tax.

He added: "The recession and the credit crunch have made it much harder for people to take their first step up the housing ladder."

Mr Darling said the move will "encourage modest and middle income homebuyers".

Other measures unveiled as part of the Budget include a £1.7 billion programme of investment in the Job Centre Plus network, which helps unemployed people back to work.

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