MP Mark Spencer has welcomed the Government’s Autumn Statement, saying it would serve to benefit the people of his constituency.
Mr Spencer said: “I welcome the chancellor’s statement, cuts to stamp duty, employers’ national insurance, small business rates and grants for flood protection will all benefit people here in Sherwood and across the country.
“I have been working for many months behind the scenes to try and ensure that local people here would get cash from the Government for flood defences and I am so pleased we have achieved that.
“Many local people will now get help protecting their homes against future flooding.”
George Osborne has slashed stamp duty for ordinary homebuyers in a political pre-election financial package.
There will be no levy under £125,000, then 2 per cent up to £250,000, 5 per cent to £925,000, 10 per cent to £1.5 million, and 12 per cent above that.
Mr Osborne said the reform represented an overall tax cut of £800 million per year, and would save buyers of an average £275,000 home £4,500.
Only buyers of homes that cost more than £937,000 will see their bills go up. Stamp duty on a £5 million house will rise from £350,000 to £514,000.
AMS Commercial in Mansfield welcomed the changes on Twitter, but added: “Not sure the stamp duty change will benefit too many in Mansfield.”
Other highlights of the statement included a crackdown on tax avoidance, including a 25 per cent levy on firms that divert profits overseas, non-dom charges to be increased for people who have been in the UK more than 12 years, £1.2 billion revenue from bank foreign exchange trading fines to go to GP practices and air passenger duty to be abolished for under-12s.
Mr Osborne said business rates would be reviewed, with bigger discounts to help high street shops under pressure from internet competitors. He also ruled out rises in fuel duty.