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UK: Stamp duty increase already hitting property market, claims estate agents

Posted on 23 March 2012

Property chains are already showing signs of crumbling due to the government’s stamp duty hikes, estate agents have warned. Chancellor George Osborne placed a stamp duty rate of 7% on £2 million homes in Wednesday’s Budget, rising to 15% for homes in this price bracket bought through companies.
The government wants to clamp down on the practice of “enveloping”, whereby people try to avoid stamp duty by using a company to buy a residential property. The home is then sold on as shares in the company in a bid to sidestep the duty normally paid………………………………………..Full Article: Source


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