Anorak News | Hain Wants Sellers To Pay Stamp Duty

Hain Wants Sellers To Pay Stamp Duty

by | 7th, June 2007

peter-hain.jpgIN a move aimed at wooing the left of the party, Labour deputy leadership candidate Peter Hain has proposed that the burden of stamp duty could be switched from home buyers to sellers to help first-time buyers get onto the property ladder.

The Northern Ireland secretary said that the idea would help increase the supply of affordable homes. The proposal forms part of his five-point plan to “narrow the gap between the rich and the poor”.

Says the perma-tanned one: “We should consider whether it would be more appropriate for the seller of a property to pay the stamp duty rather than the buyer. This would exempt first-time buyers from the charge. A move like this would be revenue-neutral*, but would be an enormous boost to young people.”

Stamp duty currently costs the buyer between 1% and 4%, depending on the cost of the home.

Hain, speaking to Simon Mayo on Radio Five Live, admitted that one of his rivals for the deputy leadership of the party, outsider Jon Cruddas, had made most of the running on the stamp duty issue already.

However, is it Hilary Been, champion of the Iraq war, who remains favourite for the deputy leadership post. His father Tony must be so proud.

* Please explain what revenue-neutral means. And how if something earns no money the legislation and policing of it is paid for? 

Posted: 7th, June 2007 | In: Uncategorized Comments (4) | TrackBack | Permalink