In the budget on Wednesday, Alistair Darling announced a two year cut in stamp duty for properties up to £250,000. He announced that it would be funded by an increase to 5% of stamp duty on properties over £1M.
Remember that tax raises, by this Government are by stealth. So you can bet your bottom dollar that if Labour get re-elected the tax cut will stop as planned in two years, but the tax rise will continue.
Also, it wasn’t mentioned on Wednesday but the tax allowances have been frozen for the year. That is an effective tax rise for every taxpayer in the country. Expect more of the same, Liam Byrne’s statement that there are no reasons for further tax rises looks pretty unbelievable now. It’s noted that he hasn’t re-made that assertion since that day on the Daily Politics!
Squiffy.
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