Chancellor Kwasi Kwarteng has announced that the tax, which is levied on personal property or land purchases, will now have a higher threshold before it has to be paid. The change takes effect from today, he told MPs as he announced a raft of economic changes as part of a “mini-budget”. Kwarteng cuts corporation tax and stamp duty – follow live budget updates These are the new price thresholds, after which stamp duty must be paid:• After the first £250,000 for people who have bought property before (was £125,000)• After the first £425,000 for first-time buyers (currently is £300,000)• First time buyers of homes over £425,000 will be entitled to 5% relief on that price up to £625,000 (currently £500,000) Read more: The chancellor’s key budget mini-announcements Announcing the cut, Mr Kwarteng told MPs: “The steps we’ve taken today mean 200,000 more people will be off stamp duty overall. “This is a permanent cut in stamp duty, effective from today.” Stamp duty is only payable in England and Northern Ireland, with Scottish home buyers paying land and building transaction tax, set by the Scottish Government. In Wales, buyers pay Land Transfer Tax, set by the Welsh Government.
