Ministers are looking at cutting stamp duty in an effort to boost the housing market. Under the plan first time buyers could be offered stamp duty "holidays" and other home buyers could have tax rates reduced. Ministers are also looking at the possibility of raising the price bands at which stamp duty is charged. Currently stamp duty in charges at 1% on homes between £125,001 to £250,000, 3% between £250,001 and £500,000 and 4% over £500,000. As a result homebuyers have paid a record amount of stamp duty over the last 10 years according to official figures. I certainly think the price bands need looking at, you can't buy much for less than £125,000 these days, perhaps a shed somewhere and for first time buyers finding that extra cash just to line the governments pockets can be really hard.