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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.”

Thinking about selling? Miller Metcalfe have 18 hubs across the North West. Our property experts are always on hand to assist you with any of your property needs. Contact us today. Visit https://millermetcalfe.co.uk/contact-us/ to find your local branch.

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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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