23 Sep Stamp Duty Update – 23rd September 2022

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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