Changes announced today to Stamp Duty

PUBLISHED: 23rd Sep 2022

Today the Chancellor Kwasi Kwarteng announced a string of tax cuts in his fiscal statement to encourage investment and boost business.

The following announcement was made regarding Stamp Duty, which currently brings in about £12billion a year for the treasury. The announcement the Chancellor made was that Stamp Duty Land Tax is to cut which will help more people to move, promote residential investment and boost first-time ownership.

From today, first time buyers will only pay stamp duty on homes over £425,000, up from £300,000. First time buyers relief is also to be made available on properties up to £625,000, up from £500,000 while the nil-rate band is doubled to all buyers, up to £250,000. Under the changes announced, anyone spending £250,000 on a property in England or Northern Ireland will avoid £2,500 in stamp duty charges as it was previously charged at 2% between £125,000 and £250,000. Anyone other than first time buyers spending £300,000 will now be charged £2,500, rather than the previous £5,000. A buyer splashing out £500,000 on a home will now be charged £12,500 rather than the previous £15,000. This is a permanent cut to stamp duty, effective from today.

Stamp Duty Land Tax is a levy paid to HM Revenue and Custom when you are buying a home. It is paid by the person who is buying the property, not the seller and the buyer’s solicitor usually pays this as part of the sale process.

Liz Truss believes cutting stamp duty- paid when buying a property worth more than £125,000 would drive economic growth by encouraging more people to move home, as well as helping first time buyers to move onto the property ladder.

David Phillip commented “ we very much welcome the Chancellor’s announcement, not only will this encourage more first time buyers, but will hopefully have a knock on effect of completing more chains so that property transactions s in all price brackets will increase.

So if you are considering a move in the New Year, then now might be the ideal time. If you would like a free market appraisal call David Phillip FRICS on 01134 676 400

David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds w: wwwdavidphillip.co.uk

Covering Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley.

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