The chancellor, Kwasi Kwarteng has confirmed a permanent stamp duty cut. Having said that, this change increases the amount that a purchaser can pay for residential property before they become liable to Stamp Duty Land Tax (SDLT), while maintaining the higher rate of 3% on additional dwellings.

The change increases the residential nil-rate tax threshold from £125,000 to £250,000.

The nil-rate threshold for First Time Buyers’ Relief is increased from £300,000 to £425,000 and the maximum amount that an individual can pay while remaining eligible for First Time Buyers’ Relief is increased to £625,000.

The measure means that all individuals purchasing residential property on or after 23 September 2022 will pay less or no SDLT.