23 Sep Stamp Duty Update – 23rd September 2022
Posted at 12:18h in Mortgage News 0 Comments
Following the Chancellor’s mini-budget update, Stamp Duty Land Tax is due to be cut due to the Growth Plan, released today.
In a statement from the government, the Stamp Duty cut will help people move, promote residential investments and boost first-time ownership.
The details for the cut include:
- First-time buyers only pay Stamp Duty Land Tax on homes over £425,000 – up from the previous limit of £300,000
- First-time buyers’ relief is available on properties up to £625,000 – up from £500,000
- Nil-rate band doubled for all buyers, up to £250,000
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