Tories plan to cut stamp duty tax

The Conservatives have pledged to wipe out stamp duty on the average home.

They would scrap the 1% rate currently paid on properties bought for between £120,000 and £250,000. The Lib Dems want the limit raised to £150,000.

Michael Howard said the plans would help first time buyers get their feet on the housing ladder and families wanting to move into a bigger home.

Chancellor Gordon Brown criticised the Tories' tax and spending plans in a new document called the "Tory Black Hole".


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