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Mortgage article 13:Millions more homes now liable for stamp duty; page 2
"Home-owners are making a growing contribution to Government revenue because of the failure to increase tax allowances. Since 1997, the number of homes that would be liable for stamp duty has grown by millions. At the same time, Government support for home-owners has diminished - MIRAS has been abolished and people have to wait longer for income support, which is also now less likely to cover their interest payments.
"The forthcoming Budget provides an important opportunity for the Government to reform the way stamp duty is levied, in order to lessen its impact on the housing market. The Government should also look at ways of reforming state support so that home-owners are treated on an even footing with tenants. Home-owners are not entitled to Housing Benefit which means that they receive just eight per cent of the personal subsidies given for housing."
Note to Editors
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98% of all residential mortgage lending in the UK. There are more than 11 million mortgage customers in the UK, with loans worth more than £590 billion. Further background information on the CML is available from our website at www.cml.org.uk.
2. The CML used the Halifax house price index to calculate inflation-linked tax and benefit thresholds. Between the second quarter of 1997 and the first quarter of 2002, the index reported a 42% increase in house prices. This was the lowest increase in a range of figures available from the Department for Transport, Local Government and the Regions, Halifax and the Nationwide Building Society. End of article - Back to mortgage articles page
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