The changes to stamp duty and what you need to know

What is Stamp Duty?

The Stamp Duty Land Tax is a tax payable by homebuyers purchasing a property in England and Northern Ireland. The rate of Stamp Duty owed is dependent on the value of the property in question. The more valuable your new home, the more tax you’ll pay. Despite the recent U-turn on the government’s ‘Mini Budget’, that reversed many of its outlined changes to the British economy, the reduction in Stamp Duty remains firmly in place. So, what does this mean for you as an existing or prospective homeowner?

Do I have to pay Stamp Duty?

If you already own a property and are hoping to move, the price threshold your new home must reach before paying any Stamp Duty has risen from £125,000 to £250,000. For first time buyers, this figure has risen from £300,000 to 425,000. If your home’s value is within the threshold for paying this tax, the rate has now been reduced, meaning you are paying less than you would have done before. If you are thinking of moving and would like a fast, free valuation of your current home, please visit https://www.jacksongreenpreston.co.uk/leadpro/, and feel free to give us a call direct if you have any other enquiries.