Chancellor Jeremy Hunt has outlined plans to reduce Stamp Duty cuts outlined in his predecessor’s mini-Budget.
In September, former 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 also increased from £300,000 to £425,000 and can be used on purchases worth up to £625,000.
But delivering his Autumn Statement today, Hunt said he will “sunset the measure” from 31 March 2025.
The Autumn Statement document said the September changes will be temporary.
It said: "The cut will remain in place until 31 March 2025 to support the housing market and the hundreds of thousands of jobs and businesses which rely on it.
"The Government will amend the Stamp Duty Land Tax (Reduction) Bill to implement this measure."
In a move that may hit landlords and property sales, Hunt also confirmed that the Capital Gains Tax allowance will reduce from £12,300 to £6,000 from April 2023 and to £3,000 from April 2024.
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Made little or no difference anyway
it's a tax on Londoners. You''re hard put to find an average family home for less than a million quid. So anyone buying in london pays thousands in SD. But apparently we're all multi millionaires so we can afford to subsidise the rest of the country
Not just London, most village family houses anywhere down the M3 /M4 are £1m+, and that's a lot of houses.
Reverse what? oh that. The way they have killed the sales market they will get zero in tax anyway.
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