Chancellor Kwasi Kwarteng has announced that stamp duty will be cut.
Are you a First Time Buyer?
First-time buyers will see their exemption level raised from £300,000 to £425,000 and pay no stamp duty up to that level.
The maximum value of a property on which first-time buyers’ relief can be claimed will also increase from £500,000 to £625,000.
Not a First Time Buyer?
There will be no stamp duty on the first £250,000 of a property purchase, instead of £125,000.
No change has been announced for additional property SDLT surcharges.
These changes apply to England and Northern Ireland and take effect immediately.
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