Stamp Duty Cut

23rd September 2022
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Chancellor Kwasi Kwarteng has confirmed a permanent stamp duty cut in the mini-Budget announced this morning.

The government is reforming stamp duty by doubling the level at which people begin paying this from £125,000 to £250,000.

This government is also committed to helping first-time buyers get on the property ladder. They are increasing the level first-time buyers start paying stamp duty from £300,000 to £425,000. In addition, they are 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.

 

Table of potential savings

 

SDLT charge for standard home mover (£)

SDLT charge for standard home mover (£)

 

SDLT charge for first time buyer (£)

SDLT charge for first time buyer (£)

 

Price (£)

  As at 22 Sep 2022

  As at 23 Sep 2022


Saving (£)

 As at 22 Sep 2022

   As at 23 Sep 2022


Saving (£)

200,000

  1,500

0

1,500

0

0

N/a

400,000

  10,000

7,500

2,500

5,000

0

5,000

600,000

  20,000

17,500

2,500

20,000

8,750

11,250

 

 

Property Value

Standard Residential Rates

£0 – £250,000

0%

£250,000 – £925,000

5%

£925,000 – £1,500,000

10%

£1,500,000+

12%


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