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Chancellor Relaxes Property Transfer Tax To Aid Urban Regeneration

LONDON-In his pre-budget statement Chancellor of the Exchequer Gordon Brown has announced the abolition of the Stamp Duty property transfer tax on smaller properties in deprived areas.

By Graham Parker | Updated on November 28, 2001

LONDON-Chancellor Gordon Brown went a small way towards meeting the property industry’s concerns over the Stamp Duty property transfer tax in his pre-budget statement yesterday, abolishing the tax on properties worth up to £150,000 ($213,000) in over 1200 of the most disadvantaged areas in England.

The move will affect both commercial and residential property and the Chancellor said it would encourage investment and enterprise in some of the country’s poorest areas. Regeneration Minister Lord Falconer welcomed the announcement. ‘This is great news for businesses and homeowners in some of our poorest areas. It will encourage both to locate and thrive in wards that badly need investment,’ he said.

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