MINI-BUDGET 2022 UPDATELewis Osgerby
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.