City MP Iain Stewart has described the changes to Stamp Duty as a “fantastic move” which will help home buyers across Milton Keynes.
During yesterday’s Autumn Statement the Chancellor announced an overhaul of Stamp Duty. The move will now see the tax based on proportions of the price rather than the overall value of the property, as it is now.
Mr Stewart said, “This is a fantastic move that will see 98 per cent of home buyers seeing a tax cut. On average families buying a home will be £4,500 better off under the new system.
“For families looking to move up the property ladder this will give them the confidence to take the next step.”
“This is a tax cut of £800 million a year.
“I believe in a low tax system and I am glad people in my constituency will be able to have more of their well-earned money in their own pockets.”
From now on there will now be no tax on the first £125,000 paid of a property, 2 per cent on the portion up to £250,000, 5 per cent up to £925,000, 10 per cent up to £1.5 million and 12 per cent on everything above that.