Chancellor unveils permanent Stamp Duty cut

The much-rumoured Stamp Duty cut has been confirmed, increasing the thresholds before the property tax is paid.

Delivering his mini-Budget this morning, Chancellor Kwasi Kwarteng increased the point at which Stamp Duty is charged on property purchases from £125,000 to £250,000 for home movers.

The threshold for first-time buyers will increase from £300,000 to £425,000 and can be used on purchases worth up to £625,000.

The changes will apply immediately and it is estimated that the cuts will lift 200,000 homebuyers every year out of paying the tax altogether.

The Growth Plan also promised to release more Government land to support housebuilding and to remove planning restrictions to boost supply.

Kwarteng said: “Economic growth isn’t some academic term with no connection to the real world. It means more jobs, higher pay and more money to fund public services, like schools and the NHS.

“This will not happen overnight but the tax cuts and reforms I’ve announced today – the biggest package in generations – send a clear signal that growth is our priority.

“Cuts to Stamp Duty will get the housing market moving and support first-time buyers to put down roots. New Investment Zones will bring business investment and release land for new homes in communities across the country. And we’re accelerating new road, rail and energy projects by removing restrictions that have slowed down progress for too long.

“We want businesses to invest in the UK, we want the brightest and the best to work here and we want better living standards for everyone.”