Stamp duty boost

Tim Downing, senior partner with Pygott and Crone. EMN-141216-163612001
Tim Downing, senior partner with Pygott and Crone. EMN-141216-163612001

Changes announced by Chancellor George Osborne in the Autumn Statement will further improve the residential property market in Lincolnshire according to a leading estate agent.

Tim Downing (pictured), senior partner at Pygott and Crone, says this is good news for prospective home buyers in the county, saying: “Lincolnshire is becoming an increasingly attractive place to buy a home.”

He said: “The new rules on stamp duty are good news for the vast majority of people looking to purchase property in the region.

“Previously, HM Revenue and Customs used what was referred to as a ‘slab structure’ which meant that if a home fell into a particular band then its entire cost was taxed at the related rate rather than the portion over and above the ‘tax free’ level for properties worth £125,000.”

There will still be no tax on purchases of up to £125,000, then two per cent up to £250,000, five per cent up to £925,000, 10 per cent up to £1.5m and above that, 12 per cent.

“This is good news for the vast majority of house buyers in the UK, as it reduces that large jump in fees,” added Tim.