Martin Lewis has responded to Chancellor Kwasi Kwarteng's 'fiscal event' with some good news for people earning less than £50,000. The MoneySavingExpert founder released a video to hi many followers reacting to the Government's moves to cut Stamp Duty in England and make other tax changes.
The nil rate band in England will be doubled from £125,000 to £250,000, reports the Liverpool Echo. This means 200,000 more people every year will be able to buy a home without paying any Stamp Duty at all - and the standard buyer will save £2,500.
Mr Lewis said many fans have asked him if they will still get the new rates if they have exchanged homes but not "completed". In a tweet, he replied: "In general yes, stamp duty is crystallised at completion (though there can be some exceptions - check with your solicitor)."
