by BELFERS The government has cut stamp duty tax in England and Northern Ireland for some buyers.
The amount of stamp duty you pay depends on the cost of the property.
Chancellor Kwasi Kwarteng announced the permanent changes as part of the government’s mini-budget.
The price at which stamp duty is paid was doubled from £125,000 to £250,000.
The rates are now:
- 0%: £0 – £250,000 (£425,000 for first time buyers)
- 5%: £250,000 – £925,000
- 10%: £925,000 – £1,500,000
- 12%: £1,500,000+
The chancellor added that discounted stamp duty for first-time buyers will now apply to properties costing up to £625,000 – up from £500,000.
The average price of a house in England is £312,000.
Under the new rates you would pay a total of £3,100 in stamp duty for this property – down from £5,600 under the previous rate.
You can also use the government’s Stamp Duty Land Tax (SDLT) calculator to find out how much you have to pay.