The amount of stamp duty tax payable on all property transactions is to be cut from today, announced Chancellor Kwasi Kwarteng as part of his ‘game-changing’ Growth Plan.
Buyers currently pay stamp duty after £125,000 of a home’s purchase price, but from today that threshold is being doubled to £250,000. This means buyers no longer pay stamp duty tax on the first £250,000 of a property purchase.
The threshold at which first-time buyers will pay stamp duty will be increased to £425,000, raising it from £300,000.
