24 March 2000

Stamp duty

FARMERS buying property face higher charges, after the Chancellors predicted move to raise stamp duty by 0.5%.

This means transactions worth £250,000-£500,000 will attract a rate of 3%; for those of more than £500,000, the rate rises to 4%.

This is bad news for those looking to expand; a farmer buying an extra 200 acres will have to find an extra £2500.

The 1% rate for transactions between £60,000 and £250,000 remains unchanged. Proposals have also been made to introduce new reliefs for the first sale of property developed on "appropriate" brownfield sites. The government will consult with interested parties.