SDLT CUT

Government announces Stamp Duty Land Tax cuts

The government’s mini budget today 23 September 2022 has announced stamp duty land tax cuts.

Kwasi Kwarteng, Chancellor of the Exchequer has announced cuts to stamp duty when purchasing a property.

Currently there is no stamp duty pay on the first £125,000.00 of the value of the purchase price on a property but that has now been increased to £250,000.00 from today.  This could save you £2,500 if you are buying a property for more than £250,000.00.

If you are a first time buyer you would currently not pay stamp duty for a property where the purchase price is up to £300,000.00 but from today this will be increased to £425,000.00, to assist first time buyers getting onto the property ladder.  This relief is available to first time buyers whom are purchasing a property for less than £625,000.00.

As the news has just broke, more information is required from the government to confirm plans for the rates of stamp duty if you are purchasing a second home owner and will provide more information on this as soon as it is available.