Major changes to stamp duty on houses are to be considered today by the Progressive Democrats in a push for new tax cuts after the next general election. The party will be given a series of options to consider from a package drawn up by party experts.

These options will include the abolition of stamp duty, a major reduction in rates, or, most interestingly, changes to allow householders pay the duty over the lifetime of a mortgage rather than in one lump sum, as currently happens.

Stamp duty on homes is increasingly important to the Exchequer: it has netted the Government €1.9 billion so far this year - an increase of 43 per cent on the same period last year - and is expected to raise €3 billion for 2006.

The Institute of Professional Auctioneers and Valuers recently said that the tax thresholds must be widened in the December budget to ease the pressure on homebuyers struggling with higher prices and rising interest rates.

Posted: 09|18|06 at 8:00 am. Filed under: Auction News.