September 2, 2008 / 7:39 AM / 9 years ago

Home purchase tax threshold raised for one year

LONDON (Reuters) - The Exchequer said on Tuesday properties worth less than 175,000 pounds would be exempt from a home purchase tax known as stamp duty for one year from Sept 3, up from a 125,000 pound threshold now.

The surprise move is part of a package of measures unveiled by Prime Minister Gordon Brown’s government on Tuesday to try and boost the country’s slumping housing market and revive the Labour Party’s flagging political fortunes.

Data published on Monday showed approvals for new home loans fell in July for the 12th consecutive month and house prices have fallen at least 10 percent from a peak last year.

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