The government has announced a cut to stamp duty, 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 £250,000 from its current £125,000 level. Meanwhile the threshold for first-time buyers has been increased from £300,000 to £425,000.
This is a permanent cut to stamp duty, effective from today, 23rd September 2022.
Our team are awaiting detailed guidance from HMRC, but please be rest assured if you are currently in the process of purchasing a property the correct rate will be applied to your transaction, there is no need to contact the team at present.