NUNEATON MP Marcus Jones has been praised in Parliament for helping to shape the new Stamp Duty
Chancellor George Osborne cut stamp duty
for 98% of home buyers in his Autumn Statement this week - replacing a much-criticised "slab tax" with a "graduated" system that supporters say should enable sellers to be more flexible over price when putting their properties on the market without hitting affordability.
Across England and Wales, someone who had bought their first home in 1999 and went on to move up the property ladder, buying a detached home in 2015, will have paid around PS9,644 in stamp duty
as a result of all their house purchases, research from Lloyds Bank found.
is currently payable on the purchase of homes with a value above PS125,000.
It could see someone build their own home worth PS400,000 paying only a few hundred pounds in stamp duty
rather than PS13,350 incurred by those buying the same value property after April 1.
However, changes to Stamp Duty
Land Tax - stamp duty
- which came into effect on December 4, mean that 98% of homebuyers now pay less.
Prime London sub Au2m: London s prime markets up to Au1 million and in the Au1-2 million range are less adversely affected by the stamp duty
changes and would also be less affected by opposition proposals for a mansion tax.
This system was heavily criticised as the structure often resulted in substantial increases in stamp duty
as prices moved above the next band threshold.
Lloyds said rising house prices have pushed more property sales into higher stamp duty
Lloyds said the average home mover in London pays PS10,850 in stamp duty
costs and PS6,510 in estate agency fees and the cost of moving equates to nearly (47%) of the average wage in the English capital.
A spokesman for Finance Minister Jane Hutt said: "As with their costly proposals on income tax, if the Tories are in favour of cutting stamp duty
the UK Government has the power to do this across the UK now.
MORE than a quarter of home buyers in England and Wales are now paying stamp duty
at the higher rates of 3% or more and facing bills of over PS7,500, according to research published today.
WIRRAL is the stamp duty
"capital" of Merseyside, a report revealed.
A stamp duty
is the amount of money which is paid for the application, or other procedural action, performed in a court.
LENDING to first-time buyers surged 74% in March in a late dash to beat the end of the stamp duty