The government has announced a cut to stamp duty, the tax paid when people buy a property in England and Northern Ireland. The threshold at which the tax falls due has been raised to £250,000 from its current £125,000 level. Meanwhile the threshold for first-time buyers has been increased from £300,000 to £425,000. The changes should remove 200,000 people from having to pay stamp duty, Chancellor Kwasi Kwarteng said. The chancellor also increased the value of the property on which first-time buyers can claim stamp duty relief from £500,000 to £625,000. A buyer splashing out £500,000 on a home will now be charged £12,500 rather than the previous £15,000.

The government has announced a cut to stamp duty, the tax paid when people buy a property in England and Northern Ireland. The threshold at which the tax falls due has been raised to £250,000 from its current £125,000 level. Meanwhile the threshold for first-time buyers has been increased from £300,000 to £425,000. The changes should remove 200,000 people from having to pay stamp duty, Chancellor Kwasi Kwarteng said. The chancellor also increased the value of the property on which first-time buyers can claim stamp duty relief from £500,000 to £625,000. A buyer splashing out £500,000 on a home will now be charged £12,500 rather than the previous £15,000.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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