Conservative leader Michael Howard has said a Tory government would spend £1 billion to cut stamp duty on the average house to nothing. Howard has pledged to raise the stamp duty threshold to £250,000. He says this will free more than 500,000 homebuyers a year from stamp duty, with 80% of house purchases unaffected by the tax. “It’s time we stopped using people’s homes as a means to raising taxes by stealth,” Howard said. “Six years ago you paid £900 on the average house in England and Wales. Under Mr Blair it has risen to £1,800. With a Conservative government, it will be zero.” (Guardian)