Stamp duty cut: Kwasi Kwarteng cuts the property tax

The amount of stamp duty tax payable on all property transactions is to be cut from today, announced Chancellor Kwasi Kwarteng as part of his ‘game-changing’ Growth Plan.

Buyers currently pay stamp duty after £125,000 of a home’s purchase price, but from today that threshold is being doubled to £250,000. This means buyers no longer pay stamp duty tax on the first £250,000 of a property purchase.

The threshold at which first-time buyers will pay stamp duty will be increased to £425,000, raising it from £300,000.