Rishi Sunak to Pledge Stamp Duty Cut for First-Time Buyers
Prime Minister Rishi Sunak is expected to promise the permanent removal of stamp duty tax for first-time buyers of properties up to four hundred twenty-five thousand pounds in the Conservative manifesto. The current nil-rate threshold for First Time Buyers’ Relief up to four hundred twenty-five thousand pounds is set to expire next March. This move aims to assist first-time buyers in England and Northern Ireland by making home ownership more affordable.
Prime Minister Rishi Sunak is expected to promise the permanent removal of stamp duty tax for first-time buyers of properties up to £425,000 in the Conservative manifesto.
The current nil-rate threshold for First Time Buyers’ Relief up to £425,000 is set to expire in March next year.
This move aims to assist first-time buyers in England and Northern Ireland.
The manifesto, anticipated to be released soon, will not include a pledge on inheritance tax but will vow to scrap National Insurance when affordable.
The Labour Party has criticized this promise as unfunded.
Stamp duty has been devolved to Wales and Scotland, where it is known as the Land Transaction Tax and the Land and Buildings Transaction Tax respectively.
The discount was first introduced in 2022 by then-Prime Minister Liz Truss and Chancellor Kwasi Kwarteng.
The current stamp duty rates are 0% for properties up to £250,000, 5% for £250,000 to £925,000, 10% for £925,000 to £1,500,000, and 12% for properties above £1,500,000.
The average house price in the UK is around £260,000, and stamp duty raised approximately £14.1 billion in 2021/22.
The current nil-rate threshold for First Time Buyers’ Relief up to £425,000 is set to expire in March next year.
This move aims to assist first-time buyers in England and Northern Ireland.
The manifesto, anticipated to be released soon, will not include a pledge on inheritance tax but will vow to scrap National Insurance when affordable.
The Labour Party has criticized this promise as unfunded.
Stamp duty has been devolved to Wales and Scotland, where it is known as the Land Transaction Tax and the Land and Buildings Transaction Tax respectively.
The discount was first introduced in 2022 by then-Prime Minister Liz Truss and Chancellor Kwasi Kwarteng.
The current stamp duty rates are 0% for properties up to £250,000, 5% for £250,000 to £925,000, 10% for £925,000 to £1,500,000, and 12% for properties above £1,500,000.
The average house price in the UK is around £260,000, and stamp duty raised approximately £14.1 billion in 2021/22.
