Stamp duty on house purchases 'is unfair'

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Stamp duty on house purchases 'is unfair'

Gordon Brown should change the way stamp duty is calculated when people use a mortgage to buy a new home, recommends an industry insider.

Ray Boulger, spokesperson for mortgage broker John Charcol, made his comments following the prediction by Haart that many people would try and avoid the increase in stamp duty when it comes into effect in the new year.

Until December 31st of this year, people are exempt from stamp duty if their property is worth less than £175,000, but from then on the boundary will be lowered to £125,000, but Mr Boulger believes this unfair and inefficient.

He said: "It would be far more efficient to raise it to two per cent and expand the bracket up to £250,000."

According to Mr Boulger it would be easy to make the changes and they would benefit those people at the bottom end of the market most, while not adding too much on to house prices at the top end.

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