Stamp duty discount 'won't be extended in Budget' - costing you extra £2,500

Stamp work is simply a taxation charged erstwhile you bargain a spot and reports suggest Chancellor Rachel Reeves is ruling retired an hold to the existent higher thresholds that are successful place

Rachel Reeves is said to beryllium considering bringing an extremity to the stamp work vacation arsenic portion of her Autumn Budget.

Stamp duty is simply a taxation charged erstwhile you bargain a property. Under existent rules successful England and Wales, you person to wage stamp work if your spot is your lone residence and is worthy implicit £250,000. This is simply a impermanent higher complaint was introduced successful September 2022 and is owed to spell backmost down to its erstwhile level of £125,000 successful March 2025.

There person been calls for this higher complaint to beryllium kept successful place, but caller reports suggest the Chancellor is considering ruling retired an extension. If you're a first-time buyer, you lone wage stamp work if the spot you're buying is worthy implicit £425,000 - but this volition spell backmost down to £300,000 unless it is extended.

The Times suggests location buyers volition wage £2,500 much successful stamp work arsenic a result. In Scotland, you person to wage stamp work connected properties worthy implicit £145,000 if this is your main residence, oregon £175,000 if you're a first-time buyer. In Wales, you wage stamp work connected properties worthy implicit £225,000 if this is your lone home. There is nary first-time buyers' alleviation successful Wales.

How overmuch is stamp duty?

Stamp work rates (England and Northern Ireland):

• Purchase terms - up to £250,000 (£425,000 for first-time buyers) ; Rate for main residence - 0% ; Rate for further properties - 3%
• Purchase terms - £250,001 to £925,000 ; Rate for main residence - 5% ; Rate for further properties - 8%
• Purchase terms - £925,001 to £1,500,000 ; Rate for main residence - 10% ; Rate for further properties - 13%
• Purchase terms - £1,500,000 and above ; Rate for main residence - 12% ; Rate for further properties - 15%

Land and buildings transaction taxation rates (Scotland):

• Purchase terms - up to £145,000 (£175,000 for first-time buyers) ; Rate for main residence - 0% ; Rate for further properties - 6%
• Purchase terms - £145,001 to £250,000 ; Rate for main residence - 2% ; Rate for further properties - 8%
• Purchase terms - £250,001 to £325,000 ; Rate for main residence - 5% ; Rate for further properties - 11%
• Purchase terms - £325,001 to £750,000 ; Rate for main residence - 10% ; Rate for further properties - 16%
• Purchase terms - £750,000 and above ; Rate for main residence - 12% ; Rate for further properties - 18%

Land transaction taxation rates (Wales):

• Purchase terms - up to £225,000 ; Rate for main residence - 0% ; Rate for further properties - 4% up to £180,000 past 7.5% aft this
• Purchase terms - £225,001 to £400,000 ; Rate for main residence - 6% ; Rate for further properties - 9%
• Purchase terms - £400,001 to £750,000 ; Rate for main residence - 7.5% ; Rate for further properties - 11.5%
• Purchase terms - £750,001 to £1,500,000 ; Rate for main residence - 10% ; Rate for further properties - 14%
• Purchase terms - £1,500,000 and above ; Rate for main residence - 12% ; Rate for further properties - 16%

The taxation is calculated connected the portion of the spot acquisition terms falling wrong each band. For example, if you bargain a location for £350,000 successful England oregon Northern Ireland, you would wage nary stamp work connected the archetypal £250,000, past 5% connected the remaining magnitude betwixt £250,001 and £350,000.