In a speech which he will deliver today at the Conservative Party conference in Blackpool today, George Osborne will outline his plans to slash the stamp duty threshold, alongside a corresponding nod to issues surrounding inheritance tax.
The proposals see stamp duty abolished for homes costing below £250,000, with the cut funded through a suggested £25,000 fee gleaned from UK non-domiciled residents with overseas income.
Speaking to Radio 4 in advance of his speech, delivered today at 11.15, Osbourne said: “I don't want to go chasing their income in off-shore bank accounts. All I am asking these people to do, in return for the certainty that I am not going to do any of those things in the years ahead, is that they pay this levy which I think is set at a pretty modest amount for most of them."
He estimated that this change will impact upon nine out of every ten borrowers, allowing them to reclaim their traditional market share which has dwindled as a result of rising interest rates, worsening affordability and tighter lending criteria.
