UK Growth Plan Announced

UK Growth Plan Announced
admin February 08, 2023
blog post

Great news for homebuyers. The Chancellor today (Friday 23 September) unveiled his Growth Plan announced changes to the Stamp Duty Land Tax in England and Northern Ireland.

The level at which Stamp duty Land Tax is payable doubles from £125,000 to £250,000.  No-one will pay tax on the first £250,000 of their purchase price so everyone buying a property will benefit from a tax saving of £2500.  The Second property surcharge has not changed and will still be payable on the whole of the purchase price as previously.  
There is further good news for First Time Buyers as the level at which they pay stamp duty has been increased from £300,000 to £425,000.
Relief is available for First Time Purchases up to a value of £625,000 (previously £500,000).  For such purchases Stamp duty will be charged at 5% on the portion from £425,001 to £625,000

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