Stamp Duty Threshold Remains as Chancellor Reverses Most Tax Cuts

The new chancellor Jeremy Hunt will keep the cut in stamp duty announced by his predecessor Kwasi Kwarteng on 23 September.

In a statement on 17 October, Mr Hunt reversed most of the tax cuts presented in the previous month’s mini budget. Along with the stamp duty cut, only the abolition of the health and social care levy on national insurance remains of the earlier tax changes.

The decision to reduce the basic rate of income tax to 19p has been dropped. Mr Hunt also announced a Treasury-led review into help with energy bills, from next April, aimed at saving taxpayers money while helping those most in need.

The moves are aimed at resolving turmoil in the financial markets in the lead up to the chancellor’s fiscal plan announcement at the end of the month, which is expected to include cuts to public spending.

Mr Hunt said: “Our priority in making the difficult decisions that lie ahead will always be the most vulnerable and I remain extremely confident about the UK’s long-term economic prospects as we deliver our mission to go for growth.”

The stamp duty reduction raised the threshold at which most buyers begin to pay the tax from £125,000 to £250,000.

Industry body Propertymark welcomed the decision on stamp duty. According to its website, “Lenders have withdrawn numerous products in the three weeks since the mini-budget therefore today’s wider announcements are expected to translate into a settling down of market volatility to enable buyers to proceed with more confidence that lending costs can be offset by stamp duty savings.”

Read more about this story on the Landlord Today website.

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