I beg to move, That the Bill be now read the Third time.
Let me start by thanking all right hon. and hon. Members who have contributed to the scrutiny of the Bill and who have done so in a constructive and positive manner. There has been considerable consensus and agreement on its contents and I welcome the support received from right hon. and hon. Members on both sides of the House.
The Bill makes important and comprehensive reforms to stamp duty land tax on residential property. The move from a slab to a slice system will cut SDLT for 98% of people who pay the tax—99% in Scotland, Wales and Northern Ireland, and 91% in London. It will reduce distortions in the housing market and will be of particular benefit to first-time buyers and those making the first few moves up the housing ladder. It will ensure that nobody paying up to £937,500 for their home will pay any more SDLT than they would have done under the rules as they applied on 3 December last year.
The aspiration to own the place one lives in has been the driver of Britain’s prosperity for centuries. SDLT is an important source of Government revenue, raising £6.5 billion in 2013-14 to pay for the essential services Government provides and supports, but as a tax it must be imposed fairly and reasonably, and to put it quite
simply, it has not been until now. These reforms will boost people’s aspirations and, critically, ensure that SDLT is paid in a fair and applicable manner that minimises avoidance. They are part of a much wider suite of Government measures designed to get Britain building the homes it needs. Almost 217,000 affordable homes have been delivered since April 2010 and between 2011 and 2015 some £19.5 billion of public and private investment is going into affordable homes, putting us on track for the highest rate of affordable house building for at least two decades. A family buying a Help to Buy property at the average cost of £185,000 will be £650 better off as a result of the reforms—a significant sum, especially at a time when cash is most likely to be tight.
I welcome the efficient and effective debate we have had so far so. The measures will make a tangible and positive difference to the lives of people up and down the country, which has been recognised and welcomed by Members on both sides of the House. I hope that Members will see fit to read this Bill a third time and to pass it.
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