Kwasi Kwarteng has certainly made a strong first impression when announcing his Mini-Budget. In a bid to help stimulate the housing market, he announced a major shakeup to the property tax Stamp Duty.
Here’s what you need to know about the Mini-Budget stamp duty announcement.
When do the 2022 stamp duty cuts take effect? These changes come into effect as of 23rd September 2022.
How does the September 2022 stamp duty cut affect first time buyers? First Time Buyers will now no longer pay stamp duty on the first £425,000 of the purchase price of your property. The relief applies to properties under £625,000. You can read more information on mortgages for first time buyers here.
How does the September 2022 stamp duty cut affect me if I already own a property? Home movers/Non First Time Buyers will not have to pay Stamp Duty on the first £250,000, doubled from £125,000.
Are the changes to Stamp Duty announced by Kwasi Kwarteng permanent? The changes are permanent according to the new Chancellor of the Exchequer, however they could be reversed by future Chancellors or governments. Whether the change is permanent remains to be seen, however you can still take advantage of the Stamp Duty relief now.
This is great news to any prospective buyers. As always, please get in touch if you need some guidance.
