Stamp Duty Update

Chancellor Kwasi Kwarteng announced the permanent changes as part of the government's mini-budget on Friday 23^rd September 2022. They come into effect straight away.

The price at which stamp duty is paid was doubled from £125,000 to £250,000.

The rates are now:

• 0%: £0 - £250,000 (£425,000 for first time buyers)
• 5%: £250,000 - £925,000
• 10%: £925,000 - £1,500,000
• 12%: £1,500,000+

This government is also committed to helping first time buyers get on the property ladder in two ways. Firstly, by increasing the level first time buyers start paying stamp duty from £300,000 to £425,000.

In addition, the government is allowing first time buyers to access the relief when they buy a property costing less than £625,000 rather than the current £500,000.

These measures will reduce stamp duty bills across the board for all movers by up to £2,500 with first time buyers able to access up to £11,250 in relief.

To find out how much Stamp Duty you will pay visit https://www.gov.uk/stamp-duty-land-tax

Source – BBC
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