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Permanent stamp duty cut

The Country House Company property sales
September 23, 2022 Kate Porter

It is always good to see the government supporting the property market.

As part of a wide ranging ‘mini budget’ of 30 fiscal measures designed to reverse a “vicious circle of economic stagnation”, the UK Government’s Chancellor has today announced a permanent reduction in Stamp Duty in England and Northern Ireland, raising the nil rate band from £125k to £250k with immediate effect.

The zero-rated threshold for first time buyers will rise from 300k to 425k and the value of the property on which first-time buyers can claim relief increases from £500k to £625k. Second property and overseas surcharges continue to apply.

What the effect will be remains to be seen…………..