Animation showing street of expensive homes
Media playback is unsupported on your device
Video

Stamp duty loophole 'to be closed' in Budget

George Osborne has promised he will use this week's budget to come down hard on people using tricks to avoid paying stamp duty.

Stamp duty starts at 1% of a property's value for homes costing more than £125,000 and rises to 5% for homes costing more than £1m.

But many wealthy people buy and sell their properties through offshore companies in order to avoid it, adding up to millions of pounds lost to the UK every year.

Joe Lynam reports.

  • 18 Mar 2012