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Excellent News Stamp Duty is Cut

By Gary Hansford
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The Government has today permanently cut Stamp Duty which is the tax paid when people buy a property in England and Northern Ireland.

The threshold at which the tax falls due has been raised to a more realistic £250,000 from its current low level of £125,000.

Meanwhile the threshold for first-time buyers has been increased from £300,000 to £425,000.

The chancellor also increased the value of the property on which first-time buyers can claim stamp duty relief from £500,000 to £625,000.

The changes should remove arond 200,000 people from having to pay stamp duty the Chancellor Kwasi Kwarteng has predicted. 

A buyer splashing out £500,000 on a home will now be charged £12,500 rather than the previous £15,000  which is a good saving.

Home ownership is the most common route for people to own an asset, giving them a stake in the success of our economy and society," Mr Kwarteng told the Commons as he presented his mini-budget.

Different rates apply in Scotland under the Land and Buildings Transaction Tax, and in Wales with the Land Transaction Tax.

Under the changes announced by the chancellor, anyone spending £250,000 on a property in England or Northern Ireland will avoid £2,500 in stamp duty charges as it was previously charged at 2% between £125,000 and £250,000.

Anyone other than first-time buyers spending £300,000 will now be charged £2,500, rather than the previous £5,000.

Lets hope this gets the Market moving along nicely again after the Summer Holiday lull. If you would like to know more do give us a call on 01202 582222

 

About the Author...

In 1981 Gary chose the path of a sales negotiator at a well-respected and successful agency in Winton. That path took him to Kinson in 1991 which also gives him some 30 years continuous and effecti...
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