The stamp duty cut announced by the government in last week’s mini-Budget could save homebuyers across England more than £1 billion per year, according to the latest research from London agency Benham and Reeves.
In last week’s fiscal address, new Chancellor Kwasi Kwarteng announced the biggest tax cuts for 50 years, with changes to stamp duty chief among these.
As a result, stamp duty land tax (SDLT) will only be payable on property purchases above £250,000, up from £125,000 previously. Meanwhile, first-time buyers will only pay the tax on purchases starting at £425,000, up from £300,000 previously.
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