STAMP DUTY CHANGES
- By Rory Patton
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- 26 Sep, 2022
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The UK Chancellor Kwasi Kwarteng unveiled the plans in the House of Commons on Friday morning, where details of cuts to taxes such as stamp duty were announced. Stamp duty is a tax paid by homebuyers in Northern Ireland, based on the value of the property they are buying.
The main changes were as follows:
1) The threshold of how much a property has to cost before stamp duty is paid has been raised from £125,000 to £250,000.
2) First time buyers currently pay no stamp duty on the first £300,000, but that will be raised to £425,000.
3) The value of the property on which first-time buyers can claim stamp duty relief has been increased from £500,000 to £625,000.
These changes are effective immediately and mean that a typical family moving into a semi-detached property will save £2,500 on stamp duty with around 200,000 homebuyers in Northern Ireland not having to pay any stamp duty tax altogether.
If you would like more information on stamp duty or the house buying process in general, please contact our property team on 87724333 or via email to info@fgpatton.co.uk
If you would like to get involved, please contact us for sponsorship opportunities.
Our office is now closed for the Christmas holidays and will re-open on Thursday 2nd December 2025 at 9.00am. Wishing all our clients a merry Christmas and happy New Year.
We had a fantastic time last Wednesday celebrating the marriage of our own Hannah McClure to James Boyd.
Congratulations Hannah and James from everyone at FG Patton!
It was great to see the hard work and dedication of the team being recognised and a great night was had by all those who attended.
I will be attending ‘Meet the Experts’ – a great event for business owners and entrepreneurs, where you have the chance to meet industry experts to discuss and brainstorm how to improve and grow your own business.
If you are interested in attending, sign up for free via Eventbrite:
https://www.eventbrite.co.uk/e/meet-the-experts-tickets-718396963657
Date and time: Tue, 14 Nov 2023 - 1pm – 5pm
Location: THE JUNCTION, 12 Beechvalley Way Dungannon BT70 1BS
#tourismni #mudc #midulster #northernireland #business #event #networking
Free Wills Month is your chance to get a free Will whilst choosing to support charity by leaving a gift in your Will.
Women's rugby continues to go from strength to strength and the Women's team has been a fantastic addition to the club since it was formed.
We wish them all the best for the season ahead.
