Over the last 10 years stamp duty has accounted for £31.5bn, according to latest figures. £6.5bn of this was paid last year alone - an increase of 675% since Labour came to power.
Prior to the current government, stamp duty was paid at 1% on properties selling for £60,000 or more. Had this stamp duty threshold have increased in line with house price inflation, buyers paying under £190,000 would not be paying any stamp duty. But currently, buyers paying between £125,000 and £250,000 pay 1%; those paying up to £500,000 pay 3% and above that 4%.
This meant that last year 1.1m paid stamp duty, compared to 400,000 in 1997. A treasury spokesman did say that 5 out of 6 buyers pay either the 1% rate or none at all.
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