Mini-budget: Chancellor announces host of stamp duty changes and tax cuts
Chancellor Kwasi Kwarteng has announced new stamp duty thresholds for first-time buyers and a range of tax cuts.
During his statement in the mini-budget, he outlined a series of tax cuts and economic measures in a massive shake-up of the UK's finances.
The cap on bankers' bonuses has been lifted, and regulatory reforms will be announced later in the year. Mr Kwarteng said we needed global banks to be in London, and the bonus cap did not work in practice; it pushed up basic salaries or forced bankers overseas.
An increase in National Insurance has been reversed, and low-tax investment zones will be set up across the UK.
The basic income tax rate has been cut to 19p in April 2023, and the 45% top rate of tax for higher earners was abolished.
What has happened to stamp duty?
The Chancellor said: “In the current system, there is no stamp duty to pay on the first £125,000 of a property’s value.
“We are doubling that to £250,000. For first-time buyers (FTBs), who currently pay no stamp duty on the first £300,000, we’re increasing that threshold to £425,000.
“And we’re going to increase the value of the property on which FTBs can claim relief from £500,000 to £625,000."
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
As seen in
