The chancellor of the exchequer announced on 23rd September as part of the Government’s ‘game-changing’ Growth Plan a permanent cut to stamp duty tax payable on all property transactions up to the value of £250,000, in order to boost the economy. 

Kwasi Kwarteng said stamp duty cuts, which apply to properties in England, would help get the housing market moving again and help first-time buyers put down roots.

He said: “Homeownership is the most common route for people to own an asset giving them a stake in the success of our economy and society, so to support growth, increase confidence and help families aspiring to own their own home I can announce that we are cutting stamp duty.”

He continued: ‘The steps we have taken today mean 200,000 more people will be taken out of paying stamp duty altogether. This is a permanent cut to stamp duty effective from today,’ he told the House of Commons chamber.

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Under the new system the first £250,000 of a property’s value will be exempt, the buyers will pay 5% on the next £675,000 (£250,001 - £925,000) and 10% on the next £575,000 (£925,001-£1.5 million) and 12% on any value over £1.5 million.

And can you add the following after the paragraph about First-Time buyers:

You’ll usually have to pay 3% on top of SDLT rates if buying a new residential property means you’ll own more than one residential property unless you are replacing your main residence and that has already been sold .

Non UK Residents usually have to pay an additional 2% surcharge on top of the normal Stamp Duty Rates and companies have to pay 15% Stamp Duty on properties costing more than £500,000.