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Tories plan stamp duty cut

The Conservative Party is considering plans to slash stamp duty in an attempt to turn around its political fortunes.

The discussions are understood to be focused on increasing the thresholds at which individuals start to pay the tax. At present people begin paying stamp duty at 5% of the value of a property over £250,000, with the rate increasing to 10% beyond £925,000 and 12% for houses valued at more than £1.5m.

Help for first-time buyers is also being considered.

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