Stamp Duty Cut

Mon 17 Oct 2022

Today the new chancellor has announced that the “permanent” cut to stamp duty tax will go ahead despite ditching nearly all of the other tax measures announced in the Mini Budget last month.
 

Jeremy Hunt confirmed in a short statement this morning that the plan to double the stamp duty threshold will still go ahead despite scrapping almost all of the other tax measures that he said have not been legislated for in parliament.

The chancellor’s predecessor, Kwasi Kwarteng, announced in his Mini Budget in September that stamp duty would be doubled to £250,000.

For first-time buyers, who pay no stamp duty on the first £300,000, that threshold will rise to £425,000.

It was one of few measures kept by Mr Hunt, whose speech today was aimed at providing stability and confidence in the government’s commitment to fiscal discipline after the measures announced in the Mini Budget spooked gilt markets.