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Tory First Time Buyer stamp duty changes

The Conservative Government have pledged to remove stamp duty for first time buyers if they win the next General election They will also get rid of the controversial Home Information packs.

George Osborne, the Shadow Chancellor said that the party would exempt first time buyers from paying stamp duty on houses worth up to £250,000. This would not affect anyone buying a second home or re-mortgaging, but would help thousands of first time buyers to get onto the property ladder.

Home Information Packs would be scraped. Grant Shappes the Shadow Housing Minister said that they were ridiculed by the experts and the market doesn’t need them. The Government had ignored warnings about them. The Tories have campaigned against them from day one.

The Hips were introduced earlier this year after many delays.

Changes to stamp duty would be funded by an annual tax of £25,000 a year on rich foreigners living in the UK who do not pay tax on their overseas income.

Also included in the election manifesto were tax breaks for families raising children and the raising of the inheritance tax threshold from £3000,000 to one million pounds.

Because of the increase of house prices many families are now paying inheritance tax. This was a tax originally intended only for the very wealthy.

It remains to be seen whether or not the proposals are realistic and economical.

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