Stamp Duty cuts made in Kwasi Kwarteng’s disastrous mini-Budget will remain in place for now but will be phased out in 2025, Chancellor Jeremy Hunt has confirmed.
The changes to Stamp Duty mean that buyers no longer pay stamp duty tax on the first £250,000 of a property purchase. The threshold was previously £125,000.
The property price at which first-time buyers will pay duty was increased to £425,000, up from £300,000.
in his Autumn statement Hunt said: “The OBR expects housing activity to slow over the next two years, so the stamp duty cuts announced in the mini-budget will remain in place but only until 31st March 2025.”
The Chancellor also confirmed that the Government will go ahead with a revaluation of properties for business rates.
But he said there will be compensation for firms to soften the blow. He says two-thirds of properties will not pay any more than they are currently.
He also confirmed that a new transitional relief scheme is being introduced.
