Home buyers in Cornwall will pay on average £300 less in Stamp Duty under new Coalition reforms, research by the Liberal Democrats has shown.
The new system – announced this week in the Autumn Budget Statement – is based on a long-standing Liberal Democrat policy and will help families save money when moving house.
People buying homes worth less than £935,000 will now pay less Stamp Duty than they did before, whilst those buying the most expensive properties will pay more.
For the average buyer in Cornwall the tax will fall from £2,194 to £1,888. It means families buying a home costing 219,000, the local average, will save £306. Many home buyers will benefit substantially, with a property worth the UK average of £275,000 paying £4,500 less Stamp Duty than before.
Commenting Dan said, “This change sees an end to the old ‘slab’ structure which made it difficult for people to move up the housing ladder if houses were priced in a higher Stamp Duty band. As well as making the system more sensible by having a sliding scale, we have also made the system fairer by reducing the amount of Stamp Duty that 98% of homebuyers have to pay, helping the large majority of people hoping to get on, or move up, the housing ladder.
“Changing the system of Stamp Duty has been something that Liberal Democrats have been campaigning for since 2007. Despite difficult decisions that need to be taken to tackle the deficit, I am glad that in Coalition Government we have delivered on our plan to cut Stamp Duty for the majority of homebuyers, whilst making sure that the very richest pay a higher rate.”