Chancellor Kwasi Kwarteng has announced plans to cut stamp duty. It is hoped this will encourage economic growth by allowing more people to move property and support first-time buyers on the housing ladder.
On Friday 23rd September, Chancellor 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.”
“First-time buyers currently pay no stamp duty on the first £300,000. We’re increasing that threshold as well, 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.”
“This is a permanent cut to stamp duty, effective from today.”
More information can be found on the BBC Business website here: https://www.bbc.co.uk/news/business-63005427.
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