Chancellor of the Exchequer Kwasi Kwarteng today announced major changes to Stamp Duty in England and Northern Ireland to help recover the property market and economy in the cost-of-living crisis.
In his ‘mini-budget’, from today he raised the nil-rate band – the minimum price from which Stamp Duty is payable – from £125,000 to £250,000, and revised the price bands for first-time buyers. Those purchasing a first home pay no Stamp Duty on properties up to £425,000 and can claim relief on properties up to £625,000 (formerly £500,000).
HM Treasury announced on Twitter: “We’re cutting Stamp Duty Land Tax which will help more people to move, promote residential investment and boost first-time ownership.”
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