Mini Budget 22: Chancellor confirms stamp duty cut

200,000 taken out of stamp duty

Chancellor Kwasi Kwarteng has confirmed a stamp duty cut, effective from today (23 September), in a bid to boost movement in the housing market.

The change doubles the threshold from which Stamp Duty Land Tax (SDLT) on the purchase of residential properties in England and Northern Ireland from £125,000 to £250,000. The threshold at which first-time buyers begin to pay SDLT will increase from £300,000 to £425,000, and the maximum value of a property on which first-time buyers' relief can be claimed will also increase from £500,000 to £625,000. Mini Budget 22: Tax cuts and deregulation to benefit new investment zones "Today's statement is about growth; home ownership is the most common route for people to own an asset, giving...