23rd Septemeber 2022
The chancellor, Kwasi Kwarteng announces a cut to the Stamp Duty tax in England and Northern Ireland!
The cut raises the threshold of how much a property must cost before stamp duty is paid to £250,000.
First time buyers currently pay no stamp duty on the first £300,000, that will be raised to £425,000.
"And we’re going to increase the value of the property on which first-time buyers can claim relief, from £500,000 to £625,000. The steps we’ve taken today mean 200,000 more people will be taken out of paying stamp duty altogether. This is a permanent cut to stamp duty, effective from today."
|
If you’re moving home |
SDLT rate |
|---|---|
|
Up to £250,000 |
Zero |
|
The next £675,000 (the portion from £250,001 to £925,000) |
5% |
|
The next £575,000 (the portion from £925,001 to £1.5 million) |
10% |
|
The remaining amount (the portion above £1.5 million) |
12% |
If you’re buying your first home
You can claim a discount (relief) if the property you buy is your first home. This means you’ll pay:
You’re eligible if you and whoever you are purchasing with are first-time buyers.