Plan to suspend stamp duty for all home buyers in the UK

According to the Times, Gordon Brown is considering suspending stamp duty in an emergency measure to kickstart the housing market, it was claimed last night.

The idea, being worked on by the Treasury, is part of a package of help for hard-pressed families.

Stamp duty is paid by property buyers, and is levied at 1 per cent for houses between £125,001 to £250,000, 3 per cent for £250,001 to £500,000 and 4 per cent for £500,001 or more.