New Chancellor confirms stamp duty changes will remain in place
Earlier this week, new Chancellor Jeremy Hunt reversed many of the tax cuts laid out in the government’s mini-budget on 23 September.
But he has confirmed that the stamp duty changes announced last month will remain in place.
The cuts have reduced stamp duty bills for home-movers in England and Northern Ireland by up to £2,500, and by up to £11,250 for first-time buyers. And two thirds of homes (66%) in England are now exempt from stamp duty for first-time buyers.
How much stamp duty will I pay?
Home-buyers will now start paying stamp duty on homes priced at or above £250,000. Previously, stamp duty tax was payable on a home, or the portion of a home, priced above £125,000. And first-time buyers won’t pay any stamp duty tax on a home priced below £425,000.
You can read more about the stamp duty price brackets here. Or if you’d like to see exactly how much you could pay on a property you’re buying, find out by using our stamp duty calculator.
In Wales, Stamp Duty is called Land Transaction Tax (LTT). On 10 October, the threshold at which home-buyers would start paying LTT payments was raised from £180,000 to £225,000. First-time buyers pay the same amount as other home-movers. You can find out more about the changes to LTT here.
In Scotland, Land and Buildings Transaction Tax (LBTT) replaced Stamp Duty Land Tax in 2015. Buyers start paying LBTT on home purchases priced at or above £145,000.
The header image for this article was provided courtesy of Greenslade Taylor Hunt, South Molton.
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