Stamp duty cut will not be reversed says Chancellor Jeremy Hunt
The stamp duty changes announced by former Chancellor Kwasi Kwarteng just three weeks ago will not be reversed, Jeremy Hunt confirmed today in an emergency statement.
In a broadcast from Downing Street, the new Chancellor reversed “almost all” of the tax cuts announced in Mr Kwarteng’s mini-Budget on 23 September.
“We will reverse almost all the tax measures announced in the Growth plan three weeks ago that have not started parliamentary legislation,” said Mr Hunt.
“So whilst we will continue with the abolition of the health and social care levy and stamp duty changes, we will no longer be proceeding with the cuts to dividend tax rates, the reversal of off-payroll working reforms introduced in 2017 and 2021, a new VAT -free shopping scheme for non-UK visitors or the freeze on alcohol duty rates.”
What are the new stamp duty rules?
Homebuyers no longer pay stamp duty tax on the first £250,000 of a property purchase.
The property price at which first-time buyers pay stamp duty is £425,000, provided that the property’s total cost is not more than £625,000.
The new stamp duty rules equate to a saving of up to £2,500 for home movers, with first-time buyers able to access up to £11,250 in relief.
