Stamp duty for first-time buyers would rise in 2025 under Labour government

Keir Starmer had appeared to announce the end of a tax break on pensions before the party clarified he had meant to refer to stamp duty. Photograph: Chris J Ratcliffe/Reuters

Stamp duty will rise for first-time buyers next year if Labour wins the election, the party has confirmed, as it plans to allow a temporary tax break enacted by the Conservatives to expire.

A party spokesperson said on Friday it would allow the threshold for stamp duty to fall back to £300,000, after it was raised to £425,000 in 2022 by Rishi Sunak, the then chancellor.