SAJID Javid has declared he is not planning on changing house buying rules that would see sellers pay stamp duty.
The new Chancellor had previously appeared to hint at a radical shake-up as he said he was “a low tax guy” and wanted a simpler tax system.
2
2
The proposed change to stamp duty would ensure first-time buyers never pay and help those buying bigger homes. But it would probably mean larger bills for those who are downsizing.
Mr Javid had last night told The Times he was looking at “various options”.
But taking to Twitter this morning, he said: “More speculation about stamp duty this morning.
“To be clear, I never said to @thetimes I was planning to put it on sellers, and I wouldn’t support that.
“I know from @mhclg that we need bold measures on housing – but this isn’t one of them.”
He had also hinted he is drawing up tax cuts for low-earners in his autumn Budget — but could see income tax or National Insurance contributions for higher earners reduced too.
Asked about his tax-cutting plans, Mr Javid said: “Wait and see for the Budget.”
But he added: “If you are going to have tax cuts, I think you should always be thinking about the lowest paid and about how you can try to help them.
“There are many ways to try to help people facing day-to-day challenges, and you’ll have to be very conscious in a Budget to make sure that you can try to focus on those that need it most.”
The Chancellor also revealed he was looking at the higher rate of tax and its bands. too, adding: “I think taxes should be efficient.
“We want to set them at a rate where we are trying to maximise revenue, and that doesn’t always mean that you have the highest tax rate possible.”
Mr Javid spoke of his 71-year-old mother’s reaction when he told her of his promotion to Chancellor last month.
He recalled: “She said: ‘Isn’t it funny that the Asians have now moved into Downing Street?
“How far the world’s changed in a positive way’.”
We pay for your stories! Do you have a story for The Sun Online news team? Email us at tips@the-sun.co.uk or call 0207 782 4368. You can WhatsApp us on 07810 791 502. We pay for videos too. Click here to upload yours.
