Sajid Javid unveils radical plans for sellers to pay stamp duty as he declares himself a ‘low tax guy’
SAJID Javid is considering a radical shake-up to stamp duty so the property seller pays instead of the buyer.
The new Chancellor unveiled the plan as he declared last night he is “a low tax guy” and said he wanted a simpler tax system.
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.
Pressed about the idea, he told The Times: “I’m looking at various options. I’m a low tax guy. I want to see simpler taxes.”
He 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.”
'EFFICIENT TAXES'
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.”
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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’.”
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