Stamp duty is "an important source of revenue" for the Government and cutting it would "create a significant cost to the Exchequer" at a time when the country is already in debt, a Treasury spokeswoman said.
It is a progressive tax and those who purchase higher value property pay a higher share of tax. In 2012, 34% of transactions didn't pay SDLT on their purchases and a further 43% paid less than £2,500.
SDLT is an important source of Government revenue, raising several billion pounds each year to help pay for the essential services the Government provides and supports.
Reducing it would create a significant cost to the Exchequer at a time when the Government is focused on reducing the deficit.
More top news
James McClellan, 53, is suing the firm claiming he was branded an 'old buffer' and forced out of his account manager job.
A family's desperate bid to stop a teacher joining Islamic State has been revealed in emotional recordings.
Wednesday unsavoury incident involving Jonny Evans and Papiss Cisse is the latest in a long line of gob-related football controversy