STAMP DUTY CHANGES
Read our latest blog to catch up on the headline changes to stamp duty
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
