THE MPs for Bromsgrove and Droitwich have voted to abolish Stamp Duty for the family home.
The Conservative Party’s plans to abolish Stamp Duty for the family home, the party claims, could save homeowners who want to move in Droitwich an average of £5,750, while in Bromsgrove it could save around £6,800.
For first-time buyers, the Tories claim their policy could save those purchasing an average price property around £1,800 in Bromsgrove and £750 in Droitwich.
Both Bromsgrove MP Bradley Thomas and Droitwich MP Nigel Huddleston voted for the Tories’ policy on Tuesday, October 28.
Mr Thomas said: “Our plan to scrap Stamp Duty for the family home is a moral good, and an economic good.
“Our plans will remove barriers to homeownership and aspiration, and give families the freedom to move, grow, or downsize their homes. New analysis shows it could save families £6,800 in Bromsgrove and the Villages.
“I implore the Government to put at the centre of their fiscal plans the scale of ambition that hard-working people have every single day when they set their alarms, go out to work and do the right thing for their families.
“The Government must realise that pulling the right fiscal levers and cutting the right taxes will stimulate the very activity that will drive the growth they are so desperate to achieve.”
Mr Huddleston added: “I have received many complaints from constituents about stamp duty. It inhibits the dynamism of the housing and jobs markets and stops people moving both where they want to and need to for work.
“The Conservative Party’s plan to scrap stamp duty could save families an average of £5750 in Droitwich and Evesham, but also give people the confidence and freedom to downsize, upsize and relocate.”
Stamp Duty is paid if you buy a property over a certain amount.
It has been reported that Chancellor Rachel Reeves could create a new property tax on homes over £500,000 to replace stamp duty in next month’s budget.
