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Property News | Stamp Duty Cut: How Much Will You Pay To Move Home After The Mini-Budget Change?

Miller Metcalfe posted on 23rd September 2022

Nearly a year after the previous stamp duty holiday came to an end, Chancellor Kwasi Kwarteng revealed the new policy in a mini-budget today, 23 September. He confirmed a permanent stamp duty cut, with no tax to be paid on properties up to £250,000, and also increased the threshold for first-time buyers to £425,000.

What are the new payment thresholds?

Under the new plans, no stamp duty will be paid on the first £250,000 of a property – up from the previous £125,000 threshold.

In an effort to increase property ownership, the first-time buyer threshold has been raised from £300,000 to £425,000.

The value of a property on which first-time buyers can claim relief has also increased, from £500,000 to £625,000. Previously, first-time buyers purchasing a property worth over £500,000 followed the same stamp duty rules as everyone else, meaning they still had to pay tax on values over £125,000.

The new stamp duty rates are as follows:

£0 – £250,000 = 0 per cent
£250,001 – £925,000 = 5 per cent
£925,000 – £1,500,000 = 10 per cent
£1,500,000 and over = 12 per cent

Rates for first-time buyers:

£0 – £425,000 = 0 per cent
£425,001 – £625,000 = 5 per cent
£625,001 – £925,000 = 5 per cent
£925,001 – £1,500,000 = 10 per cent
£1,500,000 and over = 12 per cent

Chancellor Kwasi Kwarteng stated:

“Home ownership is the most common route for people to own an asset, giving them a stake in the success of our economy and society.
The steps we have taken today mean 200,000 more people will be taken out of paying stamp duty altogether. This is a permanent cut to stamp duty effective from today.”

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Property News | Stamp Duty Cut: How Much Will You Pay To Move Home After The Mini-Budget Change?

What are the new payment thresholds?

The new stamp duty rates are as follows:

Rates for first-time buyers:

Chancellor Kwasi Kwarteng stated:

Miller Metcalfe

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