Kwasi Kwarteng Ireland economy innovations Party Kwasi Kwarteng Ireland

When does new stamp duty start and what do new rates mean

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The government have announced a cut to stamp duty tax as part of a wider set of economic measures aimed at easing inflation.

Stamp Duty Land Tax (SDLT) is a tax that is charged when you purchase a property or land over a certain price in England and Northern Ireland.

The current threshold is £125,000 for residential properties and £150,000 for non-residential properties, but Mr Kwarteng has announced the government will double that to £250,000 from today (23 September).

For first-time buyers the threshold will also increase from £300,000 to £425,000. This means that anyone buying a property under £250,000 and any first-time buyers buying a property under £425,000 will not have to pay stamp duty tax. READ MORE: Eight key announcements Kwasi Kwarteng made in today's mini-budget You pay the stamp duty tax when you buy a freehold property, buy a new or existing leasehold, buy a property through a shared ownership scheme or are transferred land or property in exchange for payment, for example you take on a mortgage or buy a share in a house.

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