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Mini Budget: government announces ‘permanent’ cut to stamp duty
The chancellor has announced that the threshold for stamp duty tax will rise to twice its current rate in a “permanent” cut to the tax.
Speaking as part of his Mini Budget today, Kwasi Kwarteng said: “In the current system, there is no stamp duty to pay on the first £125,000 of a property’s value.
“We are doubling that to £250,000.”
He added that first-time buyers, who pay no stamp duty on the first £300,000, will see that threshold rise to £425,000.
“We’re going to increase the value of the property on which first-time buyers can claim relief from £500,000 to £625,000,” Mr Kwarteng said. “The steps we’ve taken today mean that 200,000 more people will be taken out of paying stamp duty altogether.”
The cuts will be effective from today, Mr Kwarteng said.
More to follow…
