Stamp Duty Threshold Changes

September 23, 2022

As part of today’s “mini budget”, the Chancellor, Kwasi Kwarteng, has announced a permanent cut to stamp duty thresholds, effective from 23 September 2022.  The cut raises the threshold of the price of a property before stamp duty is paid from £125,000 to £250,000.  First time buyers currently only start to pay stamp duty above £300,000, and this limit will jump to £425,000.

He also announced that “increase the value of the property on which first-time buyers can claim relief, from £500,000 to £625,000.” This means that, overall, an additional 200,000 people will not pay stamp duty on their housing purchases.

The rates are now:

  • 0%: £0 – £250,000 (£425,000 for first time buyers)
  • 5%: £250,000 – £925,000
  • 10%: £925,000 – £1,500,000
  • 12%: £1,500,000+

“Cuts to stamp duty will get the housing market moving and support first-time buyers to put down roots,” says Kwarteng. “

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