Liberal Democrats in Business

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Stamp Duty System Clearly Ridiculous - Cable

9.33.58pm BST (GMT +0100) Tue 24th Oct 2006

Vincent Cable MP

Liberal Democrat Shadow Chancellor, Vincent Cable MP

Commenting on figures released by the Council of Mortgage Lenders (CML) today which show huge regional differences in the amount of Stamp Duty paid by first-time buyers, Liberal Democrat Shadow Chancellor, Vincent Cable MP said: "These figures confirm the difficulty that many first-time buyers are experiencing.

"A system whereby a house purchased for £251k attracts £7,530 of stamp duty and yet a property that sells for £249k attracts only £2,490 is clearly ridiculous. It serves only to encourage avoidance and create distortions.

"The current slab system of stamp duty is totally inequitable. The Chancellor must focus on creating a fairer and simpler alternative that is proportionate to house's value."

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