The government scheme will remain in place until March 2025.
If you're wondering about the name, Campbell-Adams adds some crucial context: "The name "stamp duty" dates back to the days when a physical stamp had to be affixed to the legal documents to indicate that the tax had been paid. SDLT was originally imposed to generate finances for the war against France in 1694. Today it generates revenue for the government, which is then utilised to fund public services, infrastructure projects, and more.
So how much is SDLT? It's “calculated based on the property's purchase price and must be paid by the buyer,” explains Campbell-Adams. According to the government website, that tax is generally calculated as a percentage of your property value , and the percentage you pay is dependent on what price band your total property value falls into.
When the cut was first announced on September 23 2022, Kwarteng said: “Cuts to stamp duty will get the housing market moving and supportHM Treasury, the government's economic and finance ministry, also tweeted at the time: "We're cutting Stamp Duty Land Tax which will help more people to move, promote residential investment and boost first-time ownership. All alongside our housing supply reforms in today's Growth Plan.
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