VIDEO: Coast’s £5m stamp duty bill is revealed

Householders on the Fylde coast were hit with a stamp duty bill last year of £5,375,999 a pressure group’s research says.
By Tim Gavell
Published 6th Aug 2013, 08:30 BST
The Tax Payers Alliance wants stamp duty scrapped.The Tax Payers Alliance wants stamp duty scrapped.
The Tax Payers Alliance wants stamp duty scrapped.

Stamp duty is payable at one per cent when a house is sold for £125,000. When the price tops £250,000 it is three per cent and the Tax Payers’ Alliance said with recent rises in prices more homes are falling into these brackets.

It said the duty should be scrapped as it was preventing ordinary people getting on the property ladder and families moving to bigger homes.

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In Blackpool stamp duty was applied to 1,802 house sales in 2012/13 netting an extra £453,390 for the tax man. Of these, 10 were at the three per cent rate netting £90,244 for the tax man. In more affluent Fylde 1,065 sales collected a total of £2,482,453 in duty, with 152 at the higher rate 
netting £1,755,499.

The Tax Payers Alliance wants stamp duty scrapped.The Tax Payers Alliance wants stamp duty scrapped.
The Tax Payers Alliance wants stamp duty scrapped.

In Wyre 1,232 sales attracted stamp duty – £2,440,156 with 126 at the three per cent rate - £1,648,086. The total higher rate bill was £3,493,829. Matthew Sinclair, chief executive of the TaxPayers’ Alliance, said:“Owning your own home is an important milestone, but for many families it seems harder to reach. Ministers have done nothing to ease the burden imposed by stamp duty, which is an unfair double tax that gets in the way of would-be first-time buyers and others thinking about moving. Instead they have made things worse with new thresholds.”

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Related topics:FyldeBlackpool