Stamp duty and income tax: Relief for HomeBuyers? UK govt mini-budget.
“CutTo Stamp Duty in his Mini-Budget” was announced BY Chancellor Mr. Kwasi Kwarteng.
200,000 people would now avoid having to pay the tax, The new Chancellor, speaking in the House of Commons this morning,
Mr. Kwarteng said: Home possession is the most common way for people to own an asset, giving them a stake in the success of our economy and society.
So, to promote the economy, increase confidence and help families aspiring to own their own home, I can announce that we are cutting income tax and stamp duty
At present, there is no stamp duty to pay on the first £125,000 of a property’s value. We are doubling that –up to £250,000.
Kwarteng also said the stamp duty threshold for first-time buyers would be increased from £300,000 to up to £425,000
He also added: “We’re going to increase the value of the property on which first-time buyers can claim relief, from £500,000 to up to £625,000
The steps have taken today mean 2lac more people will be taken out of paying stamp duty completely. This is a permanent cut of tax or stamp duty, effective from today.