The UK chancellor, Kwasi Kwarteng, has announced a permanent stamp duty reduction for property purchases in England and Northern Ireland – a move that forms part of a mini-budget critics say will reward the rich more than those on lower incomes.
Under the new system, effective from Friday, the first £250,000 of a property’s value will be exempt from stamp duty. Buyers will pay 5% of the value of the home from £250,001, while the portion between £925,001 and £1.5m will continue to be taxed at 10%. Any property worth more than that will be subject to stamp duty rates of 12%.
