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Autumn Statement in the West Country

George Osborne has announced plans to legislate for an overhaul of the stamp duty taxation system, which he says will mean a tax cut for 98% of homebuyers.

The Chancellor made the announcement in his final Autumn Statement before the General Election, during which he announced that economic growth would be higher than expected this year, as would government borrowing.

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  1. National

Osborne announces stamp duty overhaul

Chancellor George Osborne has announced plans for a total overhaul of the "badly-designed" stamp duty system paid on the purchases of homes.

The reform will mean new marginal rates that the Chancellor says will mean a stamp duty cut for 98% of homebuyers.

  • No tax on first £125,000 paid
  • 2% on the portion up to £250,000
  • 5% up to £925,000
  • 10% up to £1.5 million
  • 12% on everything over that

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Air Passenger Duty to be scrapped for all children

Air Passenger Duty will be scrapped for all children by 2016, Chancellor George Osborne has announced.

George Osborne hopes his announcement will reduce the cost of flights for families. Credit: PA Wire

"We’re going to require airlines to list the charges separately from taxes on tickets, but I also want to reduce the cost of those tickets for families directly.

"From the 1st May next year, Air Passenger Duty for children under 12 will be abolished. From the following year, we’ll get rid of APD for children under 16 altogether."

ITV News Consumer Editor Chris Choi tweeted: "Birmingham family with 2 young children welcomes cut in air passenger duty."

"They will save £170 on planned flight to Dubai."

Exeter-based Flybe responds to Autumn Statement

Exeter-based Flybe has welcomed George Osbourne's announcement that air passenger duty is to be scrapped for children under 12 from next year.

“The scrapping of Air Passenger Duty (APD) on flights for children under the age of 12 is to be welcomed. However, this is just tinkering at the edges and represents a missed opportunity by The Chancellor to show that he is serious about the economic regeneration of the UK regions. Despite continuing to engage with the government to emphasise the unfairness of APD, the needs of our regional passengers are still being ignored.

“It’s time for the Chancellor to seriously listen to the UK regions and deliver reform quickly, to ensure the government does not inflict further damage to the UK’s aspirations for economic growth.”

“The Smith Commission’s recommendations to devolve APD to the Scottish Government shows progress, and we believe its implementation would demonstrate the benefits ofcutting or abolishing the tax to other nations or regions within the UK, which in turn would deliver a balanced economic recovery.”

– Flybe’s Chief Executive Saad Hammad

VAT refunds for air ambulances & rescue helicopters

Search and rescue helicopter based at RNAS Culdrose in Cornwall Credit: ITV News

As part of the Autumn Statement, the Chancellor is to announce VAT refunds for Search and Rescue and Air Ambulance charities alongside £7.5 million extra support for air ambulances.

The VAT refunds will be worth £25 million over 5 years.

It is in response to the service the UK’s Search and Rescue and Air Ambulance charities provide, volunteering their time and expertise to support to emergency services.

At the moment, most Search and Rescue and Air Ambulance charities cannot claim VAT back on their search and rescue activities but this means they will all be able to apply for VAT refunds for them as of 1 April 2015.

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