Stamp Duty 'should be priority' in next Budget

The Government is being urged to prioritise Stamp Duty in the next Budget, after data showed homebuyers have collectively paid £4.2bn in Stamp Duty between April and June 2024. This is £500m higher than the same period last year. The nil-rate threshold for Stamp Duty is set to be reduced back to £125,000 in March 2025, doubling the tax bill on an average-priced home in England. First-time buyers will also see a drop in the threshold from £425,000 to £300,000. Jonathan Stinton, head of mortgage relations at Coventry Building Society, called on the Chancellor to set out an ambitious, long-term plan for property tax in the next Budget to provide certainty to homebuyers. 

The Express (22/07/2024)