George Osborne unveiled sweeping changes to stamp duty that he said would cut the charge for vast majority of buyers as he unveiled his final autumn statement before the election.
The chancellor also hailed faster economic growth but admitted Britain’s deficit was still too high.
In a package of measures that he descibed as amounting to a “tightening” of the public finances rather than a net giveaway, Osborne also unveiled a so-called “Google tax” to crackdown on multinational companies not seen to be paying their fair share.
He saved his most headline grabbing measure for last, announcing at that stamp duty will be cut for 98% of people who pay it and that only the highest value residential properties will pay more.
“‘I’m announcing a complete reform of a tax that has been described as one of our worst-designed and most damaging of all taxes,” Osborne said as he unveiled the changes, that had been trailed in media reports on Wednesday morning.
via The Guardian
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Alfonso Esparza