There is a very big problem with Jeremy Hunt’s Family Home Tax Guarantee, though which he promises a Conservative government would not increase the number of council tax bands, carry out a council tax revaluation, cut council tax discounts, impose capital gains tax on sales of main homes or increase the level of stamp duty. It reminds voters of all the times that the Conservatives have jacked up property taxes in the past 14 years.
No-one paid more than 4 per cent on any sale. George Osborne soon changed that
When David Cameron become Prime Minister in 2010, stamp duty was levied at 1 per cent on homes sold for between £125,000 and £250,000, 3 per cent on homes sold for between £250,000 and £500,000 and 4 per cent on homes sold for over £500,000. No-one paid more than 4 per cent on any sale. George Osborne soon changed that. In 2011, he introduced a 5 per cent rate on homes sold for over £1 million.
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in