Kevin Foster, Conservative Parliamentary Spokesman for Torbay, has welcomed today’s Autumn Statement, with its major reforms to Stamp Duty, a 50% increase in the Retail Rate Relief and changes to the personal tax allowances, as a plan for the future and a boost for the bay.
The Chancellor set out the next steps in his long-term economic plan in the Autumn Statement with major commitments that will have a positive impact here in the bay, including:
· A major overhaul of stamp duty so that 99.2% of stamp duty payers in the South West region will pay less tax when they buy their home.
· Helping businesses create jobs with action on business rates and more help for the high street.
· Abolish the Jobs Tax on apprenticeships for people under 25 to help more young people get the skills they need.
· Raising the personal allowance, from which higher rate (40%) taxpayers will also benefit, a down-payment on Conservative promises to raise the personal allowance to £12,500 and the higher rate threshold to £50,000 in the next parliament.
· Supporting savers by letting husbands and wives inherit their partner’s ISA and keep its tax free status.
Kevin welcomed these measures as setting a framework for growth and future prosperity across the bay, he said:
“The Autumn Statement is excellent news for hardworking families and those who want to get on in life. The fundamental reform of stamp duty will cut taxes for the overwhelming majority of people trying to buy a house in the bay and the personal allowance rise, plus the change to ISA rules will support people who want to work hard and save.
“Work needs to be done to ensure that the bay reaps the benefit of future prosperity nationally, yet it is vital that a long term economic plan is in place that allows us to move forward. That is what the Autumn Statement, coupled with the infrastructure announcements earlier this week, have delivered.”
You can read the full text of the autumn statement by clicking here.