Chancellor Jeremy Hunt has firmly pledged not to raise Stamp Duty as part of a newly unveiled Family Home Tax Guarantee, aimed at easing concerns over property taxes.
In an article published by the Daily Telegraph, Hunt assured voters that, should the Conservative Party win the upcoming General Election, property taxes will remain stable.
“This guarantee is a commitment not to increase the number of council tax bands, undertake an expensive council tax revaluation, or cut council tax discounts,” Hunt stated. “It is a commitment to maintain private residence relief, so that people’s main homes are protected from capital gains tax. And it is a commitment not to increase the rate or level of Stamp Duty.”
However, ambiguity remains regarding whether the Chancellor will revert the residential nil-rate threshold from £250,000 to £125,000 and first-time buyer reliefs from £425,000 to £300,000, changes initially raised in the 2022 mini-Budget but later slated for reversal by Hunt, effective from 31 March 2025.
This announcement comes against the backdrop of a heated debate between Prime Minister Rishi Sunak and Labour leader Keir Starmer, with contention over Labour’s fiscal plans purportedly adding £2,000 to UK tax bills.