The government has announced a cut to stamp duty in Friday's (September 23) mini-budget - in a bid to help first-time buyers across the UK. Stamp Duty is the tax paid when people buy a property in England and Northern Ireland.
The threshold at which the tax falls has been raised to £250,000 from its current £125,000 level. Meanwhile the threshold for first-time buyers has been increased from £300,000 to £425,000.
The changes may help 200,000 people from having to pay stamp duty. The value of a property in which first-time buyers can claim stamp duty relief on has also increased from £500,000 to £625,000.
