Regulation & LawBREAKING: Stamp Duty to be cut in mini-budget, it is reportedRobyn HallStamp Duty is expected to be cut in Friday’s mini-budget, The Times newspaper reports today. Stamp duty reform would embody this. It’s not yet known if the proposals to Stamp Duty would be in place for those buying additional homes as well.”RATESUnder the present system no Stamp Duty is paid on the first £125,000 of any property purchase. Between £125,001 and £250,000 Stamp Duty is levied at 2%, £250,001 and £925,000 5%, £925,001 and £1.5 million 10% and anything above £1.5 million 12% for first-time buyers the threshold at which stamp duty is paid is £300,000. During the pandemic the threshold was raised to £500,000 and Truss is already on record stating that cutting Stamp Duty is ‘critical’ to economic growth.

Source: The Times September 21, 2022 21:42 UTC