Building societies to petition Chancellor on stamp duty

Building society chiefs are set to present a petition against stamp duty to the Chancellor Gordon Brown in the run up to the general election campaign.

Led by Andrew Messenger, chief executive of the West Bromwich Building Society, they will attempt to persuade the Chancellor to raise the first tax threshold on stamp duty from £60,000 to £150,000 in line with current inflation.

They are concerned about the burden stamp duty places on first time buyers and people on low incomes who are attempting to get a foot on the property ladder.

Over twenty thousand people have signed the petition as part of the West Bromwich Building Society's Raise the Roof campaign, which was launched in May 2004.

The campaign has also found support among MPs, led by Newport West Labour MP Paul Flynn who tabled an Early Day Motion in support in the House of Commons.

Mr Messenger said: "The campaign has been, and continues to be an outstanding success. Although signatures continue to pour in, we feel, in light of a possible general election, this is the time to draw the Chancellor's attention to the unfair burden that stamp duty imposes on first-time buyers and people on low incomes.

"With the election pending, we want to ensure the Government listens to the groundswell of opinion, which the campaign represents."

The petition will be presented to Mr Brown at midday on Thursday March 3.

The Cambridge, Furness, Ipswich and Monmouthshire Building Societies have also supported the campaign.