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Property News | Stamp Duty cut will end in 2025, Chancellor Jeremy Hunt reveals

Miller Metcalfe posted on 17th November 2022

In an effort to spur economic growth, former Chancellor Kwasi Kwarteng announced the reduction in stamp duty in his mini-budget in September. In his Autumn Statement today, Chancellor Jeremy Hunt disclosed the change to the housing tax.

What are the new changes?

Jeremy Hunt confirmed in a statement a few weeks ago that the cut to stamp duty would remain in place.

But now that he has announced a number of measures aimed at balancing the books, he has set a deadline for when it will end.

Jeremy Hunt revealed today during his highly anticipated Autumn Statement that the stamp duty cuts announced in the recent mini-budget will end in 2025.

He stated:

“The stamp duty cuts announced in the mini-budget will remain in place but only until March 31 2025.”
“This is to help the jobs and firms that rely on the housing market through the current challenges, while strengthening the public finances in the longer term.”

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

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Property News | Stamp Duty cut will end in 2025, Chancellor Jeremy Hunt reveals

What are the new changes?

The new stamp duty rates are as follows:

Rates for first-time buyers:

Miller Metcalfe

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