It S Bittersweet What Homebuyers Think About Chancellor S Stamp Duty Cut Stamp Duty
Under the new system, which comes into force from Friday, the first £250,000 of a property’s value will be exempt from stamp duty. Buyers will pay 5% of the house value from £250,001, while the bracket between £925,001 and £1.5m will continue to be taxed at 10%. Any property worth more than this will be subject to stamp duty rates of 12%. The threshold at which first-time buyers will start paying stamp duty will rise from £300,000 to £425,000 and the maximum value of a property for which relief can be claimed by first-time buyers will also rise, from £500,000 to £625,000....