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Boris Johnson urges Osborne to exempt London from stamp duty
by Michelle Abrego on Oct 02, 2013 at 09:04
Mayor of London Boris Johnson has called on chancellor George Osborne to exempt London homes from stamp duty.
Speaking at the Conservative party conference Johnson said the 'baleful' effects of the tax, levied on homes above £125,000, was 'stamping on the fingers of those trying to climb the housing ladder'.
Johnson (pictured) also proposed tax breaks so employers could offer their staff loans to pay for rental deposits.
'We should consider allowing companies to make tax-free loans for rental deposits, as they can for childcare,’ he said. ‘George, I hope I am not exceeding my brief if I urge you to look at the baleful effects of stamp duty in London, which is stamping on the fingers of those who are trying to climb the property ladder.'
Stamp duty is taxed at 1% of the purchase price between £125,001 and £250,000; 3% between £250,001 and £500,000; 4% between £500,001 and £1 million; 5% between £1 million and £2 million and 7% over £2 million.
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