Chancellor Rachel Reeves has confirmed a major update to stamp duty which will target landlords and Britons with second properties.
As part of today’s Budget announcement, the Chancellor revealed that second-home buyers face a stamp duty land tax surcharge rise of two percentage points to five per cent.
This change to the tax will be implemented from tomorrow, October 31, which means landlords have little time to react.
Reeves shared: “This will support over 130,000 additional transactions from people buying their first home, or moving home, over the next five years.”
As a tax, stamp duty is an extra upfront cost those buying a home may have to pay.
Currently, first-time buyers are exempt from paying stamp duty on properties valued up to £425,000.
How are you being impacted by the Budget? Get in touch by emailing money@gbnews.uk.
Landlords will pay more under Reeves’s stamp duty changes
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Some 80 per cent of first-time buyers are not liable for any stamp duty, while only 14 per cent are required to pay a tax rate, Zoopla reports.
In 2022, the lower threshold for first-time was increased and was scheduled to revert to £300,000 in April of the coming year.
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