Mini-Budget 2022 Update

Chancellor Kwasi Kwarteng has outlined a series of tax cuts and economic measures in a bid to boost the UK economy.

Pepperells Head of Conveyancing says

“It’s a positive announcement for the property industry and will hopefully give more people the chance to become home owners and purchase their dream homes.”

Today’s announcement has seen changes to:

• Zero rate band increase – the threshold over which any duty starts to be paid is up from £125,000 to £250,000.
• First Time Buyers – First time buyers currently pay no stamp duty on the first £300,000, which will now be raised to £425,000.

The Chancellor has also announced that they will increase the value of the property on which first time buyers can claim relief from £500,000 to £625,000.

The Steps 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.