Conservatives planning stamp duty cut for first-time buyers in manifesto
The Conservative Party will pledge to cut stamp duty for first-time buyers as part of its manifesto.
The levy is currently paid on property purchases worth more than £250,000 – with the rate ranging from 5% to 12% of the ticket price, increasing as the price rises.
For people purchasing their first home, stamp duty kicks in on properties worth £425,000 – although this offer is set to expire in March next year. The Tories want to make the £425,000 floor permanent for new buyers.
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The tax has previously been singled out as an area that Conservatives want to reduce.
The £425,000 floor for first-time buyers was introduced by Liz Truss, a rise from £300,000.
She also raised the starting line for stamp duty on all other property transactions from £125,000 to £250,000 – although this is also set to revert in March next year.
It has not been said how much the move would cost – although there are reports it would be as much as £1bn.
The Conservatives are hoping the tax pledge will benefit around 200,000 households every year.
Speaking in a BBC election debate, Conservative candidate Penny Mordaunt said: “The way to keep the recovery going is to give you more money in your pockets.
“That is why this election must be about us cutting your taxes.”
She added that the Tories “have already started doing that and you’ve already heard some announcements”.
“You’ll see more in our manifesto next week,” she added. “We have got to cut people’s taxes and we have got to alleviate burdens on business.”
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Mordaunt (right) clashed with Labour’s Angela Rayner in a BBC debate on Friday
Writing earlier this week before the announcement, David Phillips, an associate director of the Institute for Fiscal Studies, wrote that stamp duty “is one of the most economically damaging taxes levied by the government”.
He added that it is “significantly increasing the cost of moving and gumming up both the housing and labour market”.
“It should not be increased – rather it should be reduced or, ideally, abolished.”
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Labour has previously announced its plans to make permanent the “freedom to buy” scheme.
This sees the government act as a guarantor for people seeking mortgages with a low deposit.
Sir Keir Starmer has also targeted planning reform as a way to build more homes and bring down house prices.
Conservative Party leader Kemi Badenoch has called on Sir Keir Starmer to sack Treasury minister Tulip Siddiq over allegations she lived in properties linked to allies of her aunt, Sheikh Hasina, the deposed prime minister of Bangladesh.
It comes after the current Bangladeshi leader, Muhammad Yunus, said London properties used by Ms Siddiq should be investigated.
He told the Sunday Times the properties should be handed back to his government if they were acquired through “plain robbery”.
Tory leader Ms Badenoch said: “It’s time for Keir Starmer to sack Tulip Siddiq.
“He appointed his personal friend as anti-corruption minister and she is accused herself of corruption.
“Now the government of Bangladesh is raising serious concerns about her links to the regime of Sheikh Hasina.”
Ms Siddiq insists she has “done nothing wrong”.
Her aunt was ousted from office in August following an uprising against her 20-year leadership and fled to India.
Ms Siddiq is also named with her aunt in Bangladesh court documents about meetings with the Russian government.
Tory leader Kemi Badenoch has called on Sir Keir to sack the minister
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As economic secretary to the Treasury, Ms Siddiq is responsible for policy on both the City and tackling corruption.
She referred herself to the prime minister’s ethics watchdog on Monday following the reports about the properties.
On the same day, the prime minister said: “Tulip Siddiq has acted entirely properly by referring herself to the independent adviser, as she’s now done, and that’s why we brought into being the new code.
“It’s to allow ministers to ask the adviser to establish the facts, and yes, I’ve got confidence in her, and that’s the process that will now be happening.”
Police in Aberdeen have widened the search area for two sisters who disappeared four days ago in the city.
Eliza and Henrietta Huszti, both 32, were last seen on CCTV on Market Street after leaving their home on Tuesday at around 2.12am.
The sisters – who are part of a set of triplets and originally from Hungary – crossed the Victoria Bridge to the Torry area and turned right on to a footpath next to the River Dee.
Eliza and Henrietta Huszti were last seen on CCTV in Market Street. Pic: Police Scotland/PA
They headed in the direction of Aberdeen Boat Club but officers said there is no evidence to suggest the missing women left the immediate area.
Specialist search teams, police dogs and a marine unit have been trying to trace the pair.
The sisters crossed Victoria Bridge before walking along a footpath next to the River Dee
The pair were heading in the direction of Aberdeen Boat Club on the south side of the River Dee
Further searches are being carried out towards the Port of Aberdeen’s South Harbour and Duthie Park.
Police Scotland said it is liaising with authorities in Hungary to support the relatives of the two sisters.
Chief Inspector Darren Bruce said: “Eliza and Henrietta’s family are understandably extremely worried about them and we are working tirelessly to find them.
“We are seriously concerned about them and have significant resources dedicated to the inquiry.”
The sisters, from Aberdeen city centre, are described as slim with long brown hair.
Henrietta Huszti. Pic: Police Scotland
Eliza Huszti. Pic: Police Scotland
Officers have requested businesses in and around the South Esplanade and Menzies Road area to review their CCTV footage for the early morning of Tuesday 7 January.
Police added they are keen to hear from anyone with dashcam footage from that time.
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