First-time buyers in Daventry saved £1m on stamp tax thanks to Government scheme

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First-time buyers in Daventry saved £1 million on stamp tax last year under a new Government scheme.

The policy, designed to help people onto the housing ladder, scrapped stamp duty land tax for first-time buyers paying up to £300,000 for their home, and reduced it by £5,000 for those paying up to £500,000.

But critics argue the move does not go far enough, and have called for further reform.

Figures from HM Revenue and Customs show 410 first-time buyers in Daventry benefited from the tax relief scheme in 2018-19 – the first full financial year since it was introduced.

The tax authority estimates it lost a total of £1 million in tax income in the area, meaning each buyer will have saved an average of £2,500.

This was higher the average amount saved across Northamptonshire, where 4,150 buyers benefited.