Stamp duty threshold increase under consideration

The Chancellor is considering raising the stamp duty threshold to exempt the first £300,000 of a property's value from tax, according to the Sunday Times. Stamp duty is currently paid by buyers in England and Northern Ireland, with rates ranging from 5% to 12% based on the property's value. The proposed threshold increase could save buyers up to £2,500, with those in the south of England most likely to benefit from the cut. Some £11.7bn was paid in residential stamp duty in the 2022-23 tax year. Homebuyers in London paid £4.5bn, compared with the £70m paid in Northern Ireland. 

The Sunday Times (28/04/2024)